RISE Properties JV Pays $67M for Seattle Community

The buyer of the 185-unit multifamily asset assumed a $35 million loan which Cigna had originated in 2017.
Alto Apartments

A joint venture between RISE Properties Trust and Westbrook Partners has finalized the $66.5 million acquisition of Alto Apartments, a 185-unit community in Seattle. Hartz Mountain Industries sold the property, according to public records.

As part of the deal, the partnership assumed a $35 million loan that Cigna provided for the seller in 2017. The asset last changed hands in 2013, when Mack Real Estate Development sold it for $62.3 million, Yardi Matrix shows.

Located at 311 Cedar St. in Seattle’s Belltown neighborhood, the 17-story building opened its doors in 2012 and has one- and two-bedroom floorplans ranging from 508 to 1,025 square feet. The LEED Silver-certified property has a retail component on the ground floor and amenities including a media room, business center, gym and clubhouse. The transit-oriented community is within 1 mile of both Amazon’s headquarters and the Pike Place Market.

In December, RISE Properties Trust completed the $101.5 million purchase of Salix Juanita Village, a 211-unit community in Seattle’s northeastern suburb of Kirkland. Guardian Life Insurance Co. sold the property.