Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
RISE Reaches New Levels with TownCenter Park
RISE Properties Trust recently purchased TownCenter Park Apartments, a 111-unit garden-style community located in the Town Center of Wilsonville, a city with strong multifamily fundamentals. The final sales price for the transaction was $30 million or $270,270 per unit.
TownCenter Park Apartments was built in 1991, and offers a mix of floorplans including one-, two- and three-bedroom apartments and townhouses. The community has access to Wilsonville Town Center and Town Center Park.
Including TownCenter Park, RISE owns more than 5,000 units in the Pacific Northwest.
“This transaction marks our fifth Portland metro acquisition over the last year,” says Beau Madsen, investment manager at RISE. “Going forward, we intend to improve the renter experience and execute on a physical value-add that will enable the asset to better compete with newer communities in the area.”
RISE’s interior and exterior value-add strategy looks to create a low-density housing option for the neighborhood. Renovations will include a full remodel of the clubhouse and pool area, and a modernization of the unit interiors.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 16,000 apartments under management.
- ◦Sale/Acquisition
