RISE, Aegon Acquire North Seattle MF for Nearly $53M
Canadian investor RISE Properties Trust and Aegon Real Assets US acquired Linden Square Apartments in North Seattle for $52,750,000. The 186-unit community is located at 13530 Linden Ave N. and boosts RISE’s local portfolio to 3,200 units at 21 properties.
RISE’s Beau Madsen says, “Linden Square is a rare, transit-oriented asset that will benefit from our expertise in acquiring, renovating and operating multifamily properties. Having recently completed a number of successful renovation projects in the area, we are excited for the opportunity to unlock the potential at Linden Square by reimagining the asset’s branding and leasing experience, as well as it’s amenity and apartment offerings.”
Located near Northgate Mall, the multifamily community was built in 1993 and features a mix of one, two and three-bedroom units, a fitness center and pool, as well as ample garage parking, storage, and amenity space.
The transaction, brokered by CBRE, represents the third JV between the buyers this year.
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- ◦Sale/Acquisition