Seattle & Northwest + Seattle + Apartments | May 24, 2023

RISE Properties Trust has sold Artesia Apartments in Everett, Washington for nearly $62 million

RISE Properties Trust Exits Hold on Everett Apartments for $62M

RISE Properties Trust, a Canadian real estate trust based in Seattle, closed on the sale of Artesia Apartments, a 192-unit garden-style community located at 11225 19th Ave SE across from Sliver Lake in Everett, WA for $61,600,000. The buyer was MG Properties.

RISE purchased Artesia from Fairfield Residential in December 2016 for $40,500,000. RISE completed a substantial renovation including modernizing unit interiors with stainless steel appliances, quartz counters, and all new cabinets. The renovation also included the reimagining of the amenities, branding and marketing.

Jason Murray, director of investments for RISE, noted, “Having effectively executed our value-add business plan, RISE identified the sale of Artesia as a strategic opportunity to reinvest capital into future opportunities.”

RISE was represented by Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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