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The 186-unit Linden Square Apartments in North Seattle recently changed hands for $52.75M.
RISE Properties Trust teamed up with Netherlands-based Aegon Real Assets US on the purchase. The property, located at 13530 Linden Ave. N., was built in 1993. It was last purchased by FSC Realty LLC in 2013 for $25.7M, according to public records.
The five-story, 134K SF building has a mix of two- and three-bedroom units, a fitness center and pool, a parking garage, storage and amenity space.
The purchase brings RISE’s total number of owned units to 3,200 across 20 Pacific Northwest properties. Thrive Communities will manage the property. The transaction was brokered by CBRE.
RISE Properties has been on a PNW buying spree in recent months. Just a few weeks ago, RISE and Cigna Investment Management purchased Joseph Arnold Lofts for $74.5M. Before that, the firm bought Waterbury Park Apartments in Federal Way for $56M. That transaction was also a joint venture between RISE and Aegon.
In August 2018, RISE teamed up with Cigna to purchase Modera Capital Hill for $69M.
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