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Village at Ten Trails Acquisition Strategy Looks Outside Urban Core
RISE Properties Trust and funds managed by Oaktree Capital Management LP recently purchased The Village at Ten Trails, a 176-unit garden-style community located in the new Ten Trails Master Planned Development in Black Diamond, WA. The price was undisclosed.
The Village at Ten Trails was built within a master-planned development called Ten Trails located south of Maple Valley in southeast King County. The Ten Trails planned development will feature more than 4,800 single-family homes and a large retail village adjacent to the subject property.
As of this summer, more than 500 homes had been sold in the development. Ten Trails offers housing within a neighborhood that includes a civic park and amphitheater that has access to ski resort Crystal Mountain.
Located at 22870 SE Fir St., The Village at Ten Trails is a low density three-story multifamily project that offers a mix of particularly large flat and carriage home floorplans.
The transaction represents the first joint venture between RISE and Oaktree.
“Sourced off-market, the strategy behind the acquisition of The Village at Ten Trails originated based on the strong trend we have seen in demand for luxury-level quality of living outside of the urban core,” says Beau Madsen, director of Investments at RISE.
- ◦Sale/Acquisition
