RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Aegon Real Assets US (“Aegon RA”), an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, today announced their purchase of Waterbury Park Apartments in Federal Way for $56,000,000. The transaction, brokered by CBRE, represents the second joint venture between the companies this year.
The multifamily community was built in 1989 and features a mix of one, two- and three-bedroom units spread over 31 residential buildings. Located on an expansive 13.3 acres, the property also includes a clubhouse with a fitness center, a dog park, a spa and two pools.
Beau Madsen, Investment Manager at RISE, stated “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.”
Located one mile west of Interstate 5 in Federal Way, Waterbury Park Apartments is an approximately 25 minute drive south of Seattle and 20 minute drive north from Tacoma. The property is walking distance to the Federal Way Commons, an approximately 800,000 square foot mall anchored by Target, Macy, Kohl’s and Century Theaters. It is also less than one mile of the Federal Way Transit Center, which is expected to open a light rail station in 2024 as part of Sound Transit’s $3.1B Federal Way Link Extension.
Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Waterbury Park Apartments is another illustration of Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S. The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”
Including Waterbury Park Apartments, RISE owns approximately 2,900 units across 18 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 11,000 apartments under management.
About RISE Properties Trust
RISE Properties Trust is a publicly-offered non-traded Canadian REIT focused on the US multifamily sector in the Pacific Northwest. Through fully integrated operations, the Trust is able to acquire underperforming apartment properties and improve their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 11,000 apartments under management. Their in-house renovation platform has improved over 5,000 apartments on both an occupied and vacant turn process. Thrive’s fully-integrated and hands-on, horizontal team approach ensures each asset is operating at its full potential while maximizing value for its clients.
About Aegon Real Assets US
Aegon Real Assets US, an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands. Aegon RA provides yield-oriented private debt and equity strategies and specialty solutions backed by a full range of in-house support services. Aegon RA’s, multi-disciplined, integrated team of professionals manages and advises over $19 billion in real assets.