A joint venture of RISE Properties Trust and Cigna Investment Management has acquired Joseph Arnold Lofts, a 12-story, 131-unit apartment building in Seattle. The partners purchased the property from Invesco Real Estate for $74.4 million, according to Yardi Matrix.
Mesa West Capital provided $52 million in first mortgage debt for the acquisition and repositioning of the property at 62 Cedar St. The loan was a five-year, non-recourse financing.
Built in 2013, the waterfront community in the Belltown neighborhood features studio, one- and two-bedroom apartments with condo-quality finishes, floor-to-ceiling windows affording views of Puget Sound and ceiling heights of up to 13 feet. Amenities of the concrete and steel building including a fitness center, business center, tenant lounge and rooftop deck.
The new owners plan to roll out a moderate renovation program focused on improvements and enhancements to the common areas and the addition of new landscaping. The property is located one block from the downtown waterfront, which is being redeveloped, and within walking distance to Pike Place Market, the Seattle Center and the Second Avenue retail district.
Rise Properties Trust, a Canadian REIT, focuses on multifamily investment in the Pacific Northwest and manages nearly 3,000 units in the Seattle area through its property management arm Thrive. The company recently acquired the 211-unit Salix Juanita Village in Kirkland, Wash., for $101.5 million.
