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July 16, 2020

Rise adds Vancouver units to portfolio

On the same day it announced the over $66 million acquisition of the Alto Apartments in Belltown, Rise Properties Trust also said it had in late June acquired the 120-unit Westwynd Apartments in Vancouver, Washington. That garden apartment complex, just west of Interstate 5 in the Starcrest neighborhood, traded for a little over $18.3 million. Public records indicate a loan from KeyBank. The seller, local entity Christensen Properties LLC, had acquired the complex in 2016 for $13.6 million. It was developed on nearly 5 acres in 1982. Both sales bring the Canadian REIT's local portfolio to about 4,453 units in 25 communities.




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