RISE Properties Buys Seattle Apartments for $34M

The new owner assumed $21.4 million in existing Fannie Mae debt on the 117-unit community.
The Flats at Interbay

Goodman Real Estate has completed its $33.8 million disposition of The Flats at Interbay, a 117-unit community in Seattle. RISE Properties Trust acquired the property, according to King County records. As part of the deal, the buyer assumed a $21.4 million Fannie Mae loan which Walker & Dunlop provided for the seller in 2015. The note carries a 3.67 fixed interest rate and is set to mature in 2025.

Located at 3036 16th Ave. W., the four-story building opened its doors in 2014. The property’s one-bedroom units range from 498 to 832 square feet. The amenity package includes a rooftop terrace with a grill station as well as a fitness center, a clubhouse and bike storage. Situated close to the city’s port, the community is 4 miles northwest of downtown Seattle and a short distance from Seattle Pacific University.

In July, a joint venture between Westbrook Partners and RISE Properties Trust paid Hartz Mountain Industries $66.5 million for Alto Apartments, a 185-unit property in Seattle’s Belltown neighborhood. The new owner assumed a $35 million mortgage originated by Cigna in 2017.