RISE Properties Trust Company Profile

Background

RISE Properties Trust is a private Canadian Real Estate Investment Trust (REIT) specializing in the acquisition and revitalization of underperforming rental apartment communities, primarily in the Pacific Northwest of the United States. The company's mission is to enhance resident living experiences through strategic property improvements, thereby increasing the value of each asset. RISE operates with a fully integrated platform that encompasses acquisitions, redevelopment, and management, all under one roof.

Key Strategic Focus

RISE's investment strategy centers on acquiring underperforming properties in strong markets and revitalizing them through customer service enhancements and transformative renovations. The company emphasizes vertical integration, managing acquisitions, redevelopment, and property management internally. This approach allows RISE to maintain control over the entire value chain, ensuring alignment with its strategic objectives. The primary markets targeted include the Pacific Northwest, with a focus on economic diversification and conservative balance sheet management.

Financials and Funding

As of May 2025, RISE Properties Trust manages approximately $2.7 billion in assets under management (AUM), encompassing 36 communities with 6,180 homes spread over 300 acres. The company has invested a total of $131 million in renovations. The fund offers monthly tax-efficient distributions, yielding 5.14% per year as 100% return of capital.

Pipeline Development

RISE has a robust pipeline of property acquisitions and redevelopment projects. Notable recent acquisitions include:

Park South Apartments: A 252-unit garden-style community located near South Park in Seattle, Washington. Acquired in partnership with Tokyu Land US Corporation, this property offers one and two-bedroom layouts with amenities such as a fitness center, outdoor BBQ space, dog park, clubhouse, and pool area with downtown skyline views.

Alto Apartments: A 185-unit multifamily community in Seattle's Belltown neighborhood. This 17-story building features one and two-bedroom floorplans ranging from 508 to 1,025 square feet.

These acquisitions align with RISE's strategy of targeting underperforming properties in strong markets and enhancing their value through strategic improvements.

Technological Platform and Innovation

RISE Properties Trust leverages a fully integrated operational platform that includes acquisitions, redevelopment, and property management. This vertical integration allows for streamlined operations and consistent execution of the company's strategic objectives. Property management and development are managed through affiliated companies Thrive Communities LLC and Thrive Development LLC, which oversee more than 15,000 apartment homes, providing valuable market insights and operational efficiencies.

Leadership Team

RISE Properties Trust is led by a team of experienced professionals with extensive backgrounds in real estate investment, development, and management:

Dave Kirzinger, Chairman: Founder of RISE Properties in 2012, Dave has over 30 years of experience in real estate acquisitions, development, and management. He has held leadership roles at Trammell Crow Residential, Intrawest, AvalonBay, and MOSAIC Homes. Dave holds a B.A. from the University of British Columbia and an MBA from Stanford University.

Barrett Sigmund, Principal, CEO: Joining RISE in 2017, Barrett leads the company's operations and strategic initiatives. With over 20 years of experience in acquisitions, renovations, risk management, and dispositions, he previously served as Senior Director of Investments at Security Properties. Barrett holds a BA in Economics and Communication from Allegheny University and an MBA from the University of Washington.

Kari Anderson, Founder, Vice President, Thrive: Kari brings extensive experience in property management, having held leadership roles at Trammell Crow Residential Services and Equity Residential. She is the founding president of the Washington chapter of the National Apartment Association.

Rose Blankers, President, CEO, Thrive: Rose oversees Thrive's operations, focusing on culture, people, and vision. With a background in accounting, finance, and operations, she has been instrumental in Thrive's growth and success. Rose holds a Bachelor's in Finance and an MBA from Seattle University.

Gary Bender, President, Thrive Developments: Gary leads project renovations and the capital projects team, bringing over 17 years of multifamily experience. He holds a degree in construction management and has overseen award-winning renovations.

April Syria, Chief Operating Officer, Thrive: April oversees Thrive's apartment portfolio and leads the regional management team. With over 20 years of experience in the multifamily industry, she focuses on growth strategy and team development.

Austin Kuhns, Chief Financial Officer: Austin joined RISE in 2014 and is responsible for accounting, finance, compliance, and risk management. He has negotiated over $2.5 billion in debt financing and holds a Master of Professional Accountancy from the University of Washington.

Beau Madsen, Chief Investment Officer: Beau leads fund investment strategy, asset selection, and acquisition processes. With extensive experience in capital and deal sourcing, he has led the capitalization of over $2 billion in real estate investment. Beau holds a BA in Finance and Accounting from the University of Washington and is a Chartered Financial Analyst (CFA).

Jason Murray, Director of Investments: Jason oversees asset management, ESG strategy, redevelopment, and disposition activities. He has been involved in over $1 billion in acquisitions and dispositions and holds a BA in Finance from the University of Washington.

Karl Haisch, Senior Asset Manager: Karl joined RISE in 2023, focusing on asset management and value maximization. He holds a BA in Finance from the University of Washington and is a Certified Credit Compliance Professional.

Leadership Changes

In January 2022, Barrett Sigmund was promoted to CEO of RISE Properties Trust as part of an established succession plan. Dave Kirzinger, the founder, transitioned to the role of Chairman, focusing on governance, compliance, ESG, valuations, and strategic planning.

Competitor Profile

Market Insights and Dynamics

The U.S. multifamily real estate market is characterized by strong demand, particularly in urban centers like Seattle and Portland. Factors such as population growth, economic diversification, and limited housing supply contribute to the market's attractiveness for investors. The Pacific Northwest, in particular, has seen significant investment activity due to its robust economic fundamentals and quality of life.

Competitor Analysis

RISE Properties Trust operates in a competitive landscape with several notable players:

Equity Residential: A publicly traded REIT focusing on high-quality apartment properties in urban and high-density suburban areas. Equity Residential emphasizes operational excellence and has a significant presence in markets like Seattle.

AvalonBay Communities: Specializes in developing and managing apartment communities in high-barrier-to-entry markets. AvalonBay's strategy includes both development and redevelopment projects, aligning with RISE's focus on value-add opportunities.

Essex Property Trust: Concentrates on acquiring, developing, and managing multifamily residential properties in supply-constrained markets. Essex has a strong presence on the West Coast, including the Pacific Northwest.

These competitors share a focus on high-quality assets in strong markets, emphasizing operational efficiency and strategic growth.

Strategic Collaborations and Partnerships

RISE Properties Trust has established significant partnerships to enhance its market position and investment capacity:

Tokyu Land US Corporation: A fully integrated real estate development and investment company. The partnership has led to multiple joint ventures, including the acquisition of Park South Apartments and other properties in the Pacific Northwest.

Westbrook Partners: A real estate investment management company. In collaboration with RISE, they acquired Alto Apartments in Seattle, demonstrating a shared commitment to investing in high-quality multifamily assets.