Rise Properties Trust has bought a 74-unit apartment complex in Bellevue for $30 million.
The Toronto-based real estate investment trust purchased the eight-story complex at 10701 Main Street, the Puget Sound Business Journal reported. The seller was Security Properties, based in Seattle.
Brokers David Sorensen, Ben Johnson and Mitchell Belcher of Berkadia handled the listing for Sylva on Main. The deal works out to $405,405 per unit.
Rise, with an office in Seattle, invests in underperforming properties in greater Seattle and Portland, then renovates them to increase rents. The company didn’t respond to a Business Journal request about what upgrades it plans for Sylva on Main.
The 84,000-square-foot concrete complex, built in 2011, has banks of large windows and includes a clubhouse, fitness center and penthouse apartments beneath its butterfly roof.
Average rent is $2,430 per unit, or $3.95 a square foot, according to online marketing materials, which note rents are below the market average and offer “significant growth potential.”
Su Development, based in Bellevue, developed the H-shaped building. Security Properties acquired it in 2017 for $28 million, or $378378 per unit. Its assessed value is $31.9 million, according to public records, down from $33.5 million last year.
Rise Properties Trust, founded in 2012, owns 6,600 apartments across Seattle and Portland, according to its website, while it has spent more than $100 million in renovations.
— Dana Bartholomew
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