RISE, Aegon Multifamily Purchase Brings Joint Venture Total Investment To $300M In 2019
RISE Properties Trust and Aegon Real Estate US have purchased two more Puget Sound multifamily properties, which brings the joint venture’s total 2019 acquisition to $300M.
The two firms purchased the 366-unit Mosaic Hills Apartments in Kent for $81M and the 336-unit Colby Creek Apartments in Everett for $80.4M.
Mosaic Hills, at 10811 Southeast 239th Place in Kent, features one, two and three-bedroom units with fireplaces, and patios and balconies. The property also has an outdoor pool. Some units include washer/dryers, walk-in closets and scenic views.
It last changed hands in 2016 when it was purchased for $51.6M by San Diego-based MG Properties Group, which has properties in the western U.S, according to public records.
Many multifamily property sales have taken place in Kent recently. The city is developing a more walkable infrastructure, as well as Marquee on Meeker, a 20-acre mixed-use development which is under construction.
Colby Creek Apartment Homes, at 923 112th St. SW in Everett, includes units with up to three bedrooms thaat all have a wood-burning fireplace, balcony or patio, and full-size washers and dryers. The property includes a pool and hot tub.
It last sold for $19.1M in 2006 to Shadow Creek Associates LLC, which has a physical address in Delaware. Stanley Fimberg, of Beverly Hills, is its executor, according to public records.
The sales bring the RISE-Aegon joint venture’s total units to 4,000 in 22 properties in the Pacific Northwest. Both properties will be managed by Seattle-based Thrive Communities.
