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June 17, 2021
Rise Properties Trust, a Canadian multifamily REIT with a Seattle office, has announced a recent 108-unit multifamily acquisition in Portland. Rise paid $28.2 million for the Preserve at Sunnyside Apartments, which are about 12 miles southeast of Portland, in the Happy Valley area east of Interstate 205. The complex is also about a five-minute drive to the Max Green Line stop at Clackamas Town Center. Rise says the garden apartments date to 1991. Renovations are planned. The purchase now gives Rise about 5,000 units in the Pacific Northwest; related arm Thrive Communities will manage the apartments. Beau Madsen said in a statement, “Rise is thrilled to continue our investment in the dynamic Portland metro area, particularly in desirable suburban submarkets that feature attractive multifamily fundamentals.”