RISE Properties Trust, a Canadian real estate trust based in Seattle, recently closed on the sale of Artesia Apartments for $61.6 million. The 192-unit garden-style community is located at 11225 19th Ave SE across from Sliver Lake in Everett, WA and was purchased by MG Properties.
In December 2016 RISE acquired Artesia from Fairfield Residential for $40.5 million and subsequently completed a substantial renovation to modernize unit interiors with stainless steel appliances, quartz counters and all new cabinets as well as reimagine amenities branding and marketing efforts.
Commenting on the sale Jason Murray – director of investments for RISE – said: “Having effectively executed our value-add business plan we identified the sale of Artesia as an opportunity to reinvest capital into future opportunities.” Institutional Property Advisors represented RISE during this transaction with Philip Assouad, Ryan Harmon Nicholas Ruggiero & Anthony Palladino leading negotiations
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