A joint venture (JV) between Canadian real estate investment trust company RISE Properties Trust and Cigna Investment Management has bought Joseph Arnold Lofts, an apartment complex in Seattle.

Situated at 62 Cedar St., the 13-story multifamily building has 131 loft-style residential units and was constructed in 2013.

The joint venture paid $74.5 million to acquire the loft-style property, which features a mix of one and two-bedroom units, with 10-foot to 13-foot ceilings, and floor to ceiling windows.

As part of the transaction, that was brokered by U.S. commercial real estate services firm CBRE, Joseph Arnold Lofts will be managed by Thrive Communities.