JV Purchases Mixed-Use Residential Building

Built in 2016, mixed-use residential Modera is located within a five-mile radius of downtown.

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.”