RISE and Tokyu Acquire Des Moines Multifamily Community
Canadian real estate trust RISE Properties Trust and real estate development and investment company Tokyu Land US Corporation, have partnered in the $73 million purchase of Saddlebrook Apartments in the Seattle suburb of Des Moines, WA. The acquisition marks the 4th of 2022 for RISE in the Pacific Northwest.
The 223-unit, garden-style community offers a variety of one-, two- and three-bedroom floor plans, and also features a natural forested area that runs throughout the center of the community. RISE and Tokyu intend to renovate the interiors of the units with a modern, high-end finish.
RISE Director of Investments Beau Madsen said in a news release, “We are excited to grow our partnership with Tokyu once again with this off-market and compelling acquisition. As the only institutionally-sized market rate community within the submarket, Saddlebrook presents a unique value-add investment that we are looking forward to executing on.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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