RISE Properties Trust and Aegon Real Assets US have purchased a 236-unit residential community in the Seattle area for $56 million. The property, Waterbury Park Apartments, is located at 32905 S. 19th Place in the city of Federal Way, Wash. The seller was not disclosed, but Yardi Matrix data indicates that the asset was owned by Weidner Investment Services, which had bought it for $25.2 million in 2007.
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CBRE brokered the transaction, which marks the second joint venture this year between Canadian real estate trust RISE and Aegon RA, a subsidiary of Netherlands-based life insurance firm Aegon N.V. The partners previously came together to acquire Bryson Square Apartments, a 198-unit property in Kent, Wash., for $43.3 million in June.
Built in 1989, Waterbury Park Apartments provides a mix of one-, two- and three-bedroom units. The 31-building community sits on a 13.3-acre site and also includes a clubhouse with fitness center, dog park, spa and two pools. Thrive Communities will take over management of the property, which is located 1 mile west of Interstate 5. The site is within walking distance of the 800,000-square-foot retail center Federal Way Commons and roughly 20 miles south of downtown Seattle.
Aging property to be updated
Beau Madsen, investment manager at RISE, indicated in a statement that the acquisition is an opportunity to restore and reposition the aging property to cater to the quality and amenity requirements of today’s renters. The executive added that the deal would provide RISE investors with exposure to the Federal Way and Puget Sound multifamily markets.
RISE owns roughly 18 multifamily properties totaling 2,900 units in the Pacific Northwest. The trust picked up a 102-unit community in Seattle’s Northgate neighborhood for $26.9 million in December 2017.