JV Purchases Mixed-Use Residential Building
With the acquisition of Modera, RISE now owns a total of 12 assets in the Puget Sound area, and plans to make technology upgrades and transition Modera property management to Thrive Communities.
SEATTLE—RISE Properties Trust, a Canadian-based real estate trust, and Cigna Investment Management recently purchased mixed-use residential building, Modera Capitol Hill, as the first joint venture between the companies. With the acquisition of Modera, RISE now owns a total of 12 assets in the Puget Sound region.
“Modera has an A+ location—right in the center of the bustling retail, dining and nightlife hub of Seattle in Capitol Hill,” said Barrett Sigmund, president at RISE. “Modera is already a WHFHA award-winning building and, as its new owners, we want to further enhance our residents’ living experience with technology upgrades and by transitioning property management to Thrive Communities. We believe the location, product, boutique living experience and best-in-class management will be a winning combination.”
Located at 1427 11th Ave. in Seattle’s Capitol Hill neighborhood, the 135-unit apartment property features an average unit size of 637 square feet and includes a mix of studios, one- and two-bedroom units, and approximately 6,000 square feet of retail. Built in 2016, Modera is located within a five-mile radius of downtown Seattle, the First Hill Medical Centers, South Lake Union, Seattle’s Stadium District and the University of Washington. The property is also located within several blocks of both the Broadway street thoroughfare and the lively Pike-Pine corridor. It is within a half-mile of the Capitol Hill light rail station.
In addition to Modera, RISE owns 11 multifamily properties throughout Seattle and the surrounding area including West Ridge Park Apartments (West Seattle), Artesia by the Lake (Everett), Bentley House (Issaquah), Rainier Pointe (Fife), Borgata Apartments and Townhomes (Renton), Citywalk Apartments (Seattle), Northline Apartments (Seattle), Starboard Apartments (Kirkland), Station 9 Apartments and Woodcreek Apartments (Lynnwood).
Modera will be managed by Thrive Communities, a Seattle-based company with more than 9,000 apartments under management.