Two companies have purchased Waterbury Park Apartments in Federal Way for $56 million.

RISE Properties Trust, a Canadian real estate trust based in Seattle, and 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, announced their purchase of the apartments on Wednesday.

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 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 in a press release: “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.”

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.