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RISE, CIGNA JV Claim Seattle MF for $75M
Canada’s RISE Properties Trust, along with partner Cigna Investment Management, acquired Joseph Arnold Lofts in Seattle for $74.5 million. The 13-story multifamily building at 62 Cedar St. has 131 loft-style residential units and was built in 2013.
The loft-style property features a mix of one and two-bedroom units, has 10-foot to 13-foot ceilings, and floor to ceiling windows.
RISE’s Jason Murray says, “RISE and Cigna have had tremendous success reimagining urban properties in the Seattle Core. Last year, we acquired and improved JACK apartments on Capitol Hill, and with Joseph Arnold Lofts, view another great opportunity to add value through strategic improvements, and also give Jack a brother, “Joe”.
CBRE brokered the deal. It is the second joint venture between the Canadian REIT and Cigna. The property will be managed by Seattle-based Thrive Communities.
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