Belltown Lofts Sell For $74.5M
Joseph Arnold Lofts was recently sold to RISE Properties Trust and Cigna Investment Management for $74.5M.
The 13-story, 100K SF building was built in 2013. It features 131 one- and two-bedroom units with 10- to 13-foot ceilings. The property, which sits at 62 Cedar St. in Belltown, was named the NAIOP Multifamily Development of the Year in 2013.
The property last sold in 2014 for $68.2M in a transaction between the seller, Belltown Development Partners LLC, and buyer Joe Lofts Belltown LLC, according to public records.
RISE, a Canadian real estate trust based in Seattle, owns 19 multifamily units in the Pacific Northwest. The property will be managed by Thrive Communities, which also manages RISE’s West Park Apartments in West Seattle.