In Fourth JV, RISE and Tokyu Team Up for Surprise Lake Village

RISE Properties Trust and Tokyu Land US Corporation recently acquired Surprise Lake Village, a 338-unit garden-style community located on the southern shore of its namesake lake in Milton, WA. The price was undisclosed.

“This purchase is particularly exciting in that it marks our acquisition of about 4,000 multifamily units in the Seattle metro since 2018, totaling north of $1.1 billion of investment made locally,” says Beau Madsen of RISE. “We believe strongly in the fundamentals of our region and the ability of our platform to create value for our communities and investors.”

The community is one of just a handful throughout the Puget Sound with swimmable lake frontage. The low-density site plan and mature landscaping complement this feature. Surprise Lake Village was built in 1986 and offers a mix of floorplans including flat, lofted and townhome-style units.

“Surprise Lake Village is an irreplaceable asset where, together with RISE and Thrive, we will be able to provide a garden-style offering that will compete directly with new construction,” says Ben Cherney, vice president of Tokyu. “This is in large part thanks to the resort-like setting and layout of the property.”

The transaction, brokered by David Young, Corey Marx and Chris Ross of JLL, represents the fourth joint venture between RISE and Tokyu.