RISE Properties Trust, a Canadian real estate trust based in Seattle, and Los Angeles-based Tokyu Land US Corp., a Japanese real estate development and investment company, have purchased Waterford at the Lakes Apartments in Kent for $83.2 million.
The transaction, brokered by CBRE, represents the second joint venture between the companies, following their October 2018 acquisition of Alaire Apartment Homes in Renton. The companies announced the purchase on Friday.
Located at 23605 62nd Ave. S. and built in 1989, the 344-unit apartment property is situated within the Lakes at Kent development, a neighborhood of 19 rental and for-sale communities known for its expansive man-made lakes and lush landscaping. Waterford at the Lakes sprawls across 16.85 acres and includes an on-site daycare, a racquetball court, two pools, a sport court and a resident lounge.
Rents range from $1,308 to $2,156 per month, according to apartmentfinder.com.
Beau Madsen, investment manager at RISE, said in a press release that “this transaction exemplifies RISE’s objective of investing in well-located multifamily communities in the Pacific Northwest that feature investment upside and durable cash flow. Given the asset’s proximity to Kent Station, it’s low-density setting, and strong local demand for high-quality housing, the property is well-suited for an influx of capital to improve both the physical aspects of the property and the rental experience of the residents.”
Waterford at the Lakes is approximately 25 minutes south from both Seattle and Bellevue. About 1-mile east is Kent Station, an open-air lifestyle destination that includes a Sounder train station, a 14-screen AMC theater, more than 15 restaurants and another 30-plus retailers and service providers.
RISE owns approximately 2,400 units across 14 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 11,000 apartments under management.
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