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RISE Acquires Flats at Interbay in Seattle for $34M
Seattle-based RISE Properties Trust and Cigna Investment Management acquired the Flats at Interbay in Seattle for $33,500,000. The seller was G&G Interbay Partners LLC, an entity associated with Goodman Real Estate and investor Ginny Gilder.
The property was constructed in 2014 and features 117-residential units, as well as amenity spaces. The community has one-bedroom and one-bedroom with den floor plans, which are increasingly desirable for use as a home office or extra space as remote working surges and residents spend more time in their apartments.
RISE’s Barrett Sigmund says, “there has been a meaningful change in preferences amongst urban renters over the last few months. We expect that larger one-bedroom units and dens, which are common unit types at this property, will grow in popularity as working from home becomes increasingly viable.”
The property at 3036 16th Ave. W is located amid a mix of residential and industrial uses in Seattle’s Interbay neighborhood, situated between downtown, Ballard, Queen Anne and Magnolia. The transaction, brokered by Berkadia’s David Sorensen, Ben Johnson and Kenny Dudunakis, represents the third JV between the companies.
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