Seattle Trajectory Bodes Well for Multifamily

The 357-unit apartment property, Alaire, features an average unit size of 1,074 square feet.

RENTON, WA—As Seattle continues on an upward trajectory fueled by e-commerce and tech, multifamily assets remain in high demand with investors. Specifically with a focus on location desirability, value-add opportunities and strong demographics, Canada-based RISE Properties Trust and Tokyu Land US Corporation recently purchased Alaire Apartments for $97.5 million. Built in 1988, Alaire is located approximately 11 miles from Seattle and Bellevue.

“Alaire’s location gives residents a short commute to either Seattle or Bellevue,” said Barrett Sigmund, president at RISE. “Despite the close-in location, the property has a low-density feel and large units that are not common with newer product. The current owner significantly upgraded the exterior and the extensive common area amenities of the property. RISE will take the asset to the next level with a thoughtful interior renovation program and a focus on customer service.”