Seattle-based RISE Properties Trust and real estate developer Tokyu Land US Corporation have partnered in the purchase of Park South Apartments, a 252-unit, garden-style community in Seattle. Details of the transaction were not disclosed.
Located on 8th Avenue South, Park South offers one- and two-bedroom layouts and a pair of large central amenity spaces. The community features a fitness center, outdoor BBQ and dog park along with a clubhouse, pool area and views of the downtown skyline.
“We are excited to grow our Pacific Northwest portfolio with the addition of Park South. We look forward to improving the quality of community through a series of investments that will provide a better rental option for the residents in the area,” said RISE’s Director of Investments, Beau Madsen.
Tokyu’s VP Ben Cherney added, “We look forward to working with RISE to deliver a great living experience for the current and future residents of the community.”
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.