Waterbury Park Apartments in Federal Way recently sold for $56M to RISE Properties Trust and Aegon Real Assets US. The 31-building complex sits on 13.3 acres and is in walking distance of the Federal Way Commons and the future $3.1B Sound Transit Federal Way Link extension that is expected to open in 2024.

The 212,250 SF apartment campus was built in 1989 and has 236 one- and two-bedroom units, a clubhouse, two pools, a fitness center and a dog park. The property last changed hands in 2007 when Waterbury Park Apartments LLC purchased it for $25M from Granite Lexington Downs, according to public records.

Federal Way is between Seattle and Tacoma and has several workforce housing developments. Numerous multifamily real estate transactions have taken place in the area recently, including the sale of The Union to Gelt Inc., the $26.5M sale of Homestead and the $68.5M sale of the Arcadia Townhomes.