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Belltown Lofts Sell For $74.5M

Belltown Lofts Sell For $74.5M
RISE Properties Trust and Cigna Investment Management recently purchased Joseph Arnold Lofts in Belltown.

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. 

The deal, which is the second joint deal between RISE and Cigna, was brokered by CBRE agents. In August 2018, the two firms purchased Modera Capitol Hill, a mixed-use residential building, for $69M.

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.