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RISE, Aegon Multifamily Purchase Brings Joint Venture Total Investment To $300M In 2019

Colby Creek Apartments in Everett

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.