Canadian investment company RISE Properties Trust announced it has finished off a busy year with the purchase of its seventh rental property located in the Pacific Northwest.
RISE has been investing in multifamily communities for close to a decade. After launching, the Victoria-based company began purchasing rental buildings in and around Seattle, Washington, before expanding into other U.S. markets. It now owns approximately 5,900 units across 34 multifamily properties in the Pacific Northwest with a total real estate valuation of $2.3 billion.
“We have seen property values continue to surge along with consistent population growth throughout Washington and Oregon states over the past decade,” said Barrett Sigmund, RISE Properties Trust Principal and President. “The multifamily communities that RISE has acquired are positioned in areas with strong employment opportunities and continue to be desirable locations for renters. We’ve been searching for an urban asset to diversify our Portland portfolio and couldn’t be more pleased with 10th @ Hoyt. This property is significant for several reasons. It represents the largest wholly-owned community for RISE. It also is the first wholly-owned urban community for RISE and brings our equity in urban deals to roughly eight per cent.”
In addition to acquiring properties, RISE invests in renovations to “create exceptional living spaces and communities” for its residents. After purchase, each newly acquired building receives upgrades to existing suites and common areas.
“As a vertically integrated and highly focused multifamily platform, we are excited to continue identifying opportunities throughout the Pacific Northwest that create value for our investors, limited partners and the communities we invest in,” said Sigmund. “Our expansion into the Oregon market coincides with strong corporate organizations seeing the value in these locations and in turn we see opportunities for growth.”
RISE has been recognized as a best-in-class owner and operator of multifamily holdings in the Pacific Northwest region, and continues to work with select institutional equity partners as sponsors of joint-venture opportunities.
For more information, visit: https://risepropertiestrust.com/portfolio/.
