U.S. real estate investment trust company RISE Properties Trust has teamed up with rival Aegon Real Assets US to acquire Waterbury Park Apartments in Federal Way for $56 million.
Waterbury Park Apartments, a 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 JV expects to position the expansive 13.3-acre property, which also includes a clubhouse with a fitness center, a dog park, a spa and two pools, to better meet the quality and amenity expectations of today’s renter.
Los Angeles-based commercial real estate firm CBRE brokered the deal, and Seattle-based multifamily property management firm Thrive Communities will manage the asset.