Modera Capitol Hill Sells For $69M
RISE Properties Trust, a Canada-based real estate trust, and Cigna Investment Management purchased Modera Capitol Hill, a mixed-use residential building.
The 135-unit building sold for $69M, according to The Registry. The building is at 1427 11th Ave., and has a mix of studio, one- and two-bedroom apartments. The average size of the units is 637 SF. It also has 6K SF of retail space.
In addition to Modera, RISE owns 11 multifamily properties in the Puget Sound. This is the first joint venture between RISE and Cigna. Modera will be managed by Thrive Communities, a Seattle-based company that manages more than 9,000 apartments.
The building had a 2017 appraisal value of $54M, according to King County records.