RISE Picks Up Preserve at Sunnyside with Value-Add in Mind
Seattle-based RISE Properties Trust, a Canadian real estate trust, recently acquired the Preserve at Sunnyside Apartments, a 108-unit garden-style community in the Happy Valley submarket of Portland. The purchase price was $28.2 million.
The Preserve at Sunnyside Apartments were built in 1991 and offer a mix of one-, two- and three-bedroom apartment homes. RISE intends to execute an interior and exterior value-add strategy to create a low-density housing option. These upgrades will include a full remodel of the clubhouse and pool area, the addition of a dog park, and a modernization of the unit interiors.
The multifamily community is located near Clackamas Town Center, Happy Valley Famers Market, Mt. Talbert Nature Park and Mt. Hood. It has access to the greater Portland MSA via I-205, Highway 224 or MAX Light Rail Park and Ride. Amenities at the community include a clubhouse, seasonal pool and year-round spa, a playground and a fitness center.
“The Portland metro area, particularly in desirable suburban submarkets, features attractive multifamily fundamentals,” says Beau Madsen, an investment manager at RISE. “As a vertically integrated and highly focused multifamily platform, we are excited to continue identifying opportunities throughout the Pacific Northwest that create value for our investors, limited partners and the communities we invest in.”
Including the Preserve at Sunnyside Apartments, RISE owns approximately 5,000 units in the Pacific Northwest.
The property will be managed by Thrive Communities.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.