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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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


