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Seattle & Northwest  + Portland  + Apartments  | 

Rise Broadens Reach into Portland Market with $48M MF Buy

Canadian-based REIT Rise Properties Trust acquired the Meadows at Heron Creek Apartments in Hillsboro from Shelter Holdings for $48.2 million, which works out to $270,787-per-unit. The 178-unit multifamily garden-style asset is located at 10667 NE Heritage Parkway.

Rise’s Barrett Sigmund says, “Meadows marks our second acquisition in the Portland, MSA this year. We believe in the market and hope to continue to add more quality assets to our portfolio in the near future.”

Built in 2012, the property sits on 6.02 acres and the community features a mix of well-laid out one-, two- and three-bedroom units, a clubhouse, playground and ample garage parking. Rise plans to add value through enhanced and revised marketing tools, interior renovations, encompassing kitchen upgrades, unit flooring, lighting, sinks and plumbing fixtures, and common area improvements/additions.

Institutional Property Advisors’ (IPA) Anthony Palladino, Giovanni Napoli, and Philip Assouad facilitated the transaction.

KeyBank’s Paul Angle and Chris Neil secured $36-million in fixed-rate Freddie Mac acquisition financing.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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