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Canadian, Japanese Investors Claim Puget Sound MF for $100M

Canadian REIT Rise Properties Trust and Tokyu Land US Corp. acquired Alaire Apartment Homes, a 357-unit multifamily community in Renton, WA, 11 miles south of Seattle. Pacific Urban Residential divested the asset for $97.5 million.

The 18-acre complex at at 510 Stevens Ave. S.W. has 17 residential buildings, a leasing office, and two clubhouses. The community was developed in 1988, and sits north of the Highway 167 and Interstate 405 junction.

Alaire recently underwent a $4-million renovation focused on common areas and amenities. The new owners plan to execute a three-year, $8.4-million capital improvement plan that will touch unit interiors and minor exterior elements to reposition it as a core-plus asset.

Brokers involved in the deal included Kidder Mathews’ Giovanni Napoli and Philip Assouad, and Colliers International’s Dave Schumacher. Tokyu Land US Corp. is a subsidiary of the publicly- traded, Tokyo-based, Tokyu Land Corporation.

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Inside The Story

Connect With Rise's Barrett SigmundConnect With Kidder Mathews’ NapoliConnect With Colliers International’s Schumacher

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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