August 7, 2019
Seattle-based RISE Properties Trust, a Canadian real estate trust, partnered with Aegon Real Assets US to acquire Waterbury Park Apartments in Federal Way for $56 million. The transaction represents the second joint venture between the companies this year.
RISE’s Beau Madsen says, “acquiring Waterbury Park Apartments is an exciting opportunity to restore an aging, well-located multifamily property in the context of a favorable financing environment. We look forward to positioning the asset to better meet the quality and amenity expectations of today’s renter, while also providing RISE investors exposure to the Federal Way and Puget Sound multifamily markets.”
The 236-unit multifamily community was built in 1989, and features a mix of one, two and three-bedroom units spread over 31 residential buildings. The expansive 13.3-acre property also includes a clubhouse with a fitness center, a dog park, a spa and two pools.
CBRE brokered the deal, and Seattle-based Thrive Communities will manage the asset.
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