“We plan to heavily invest in the unit finishes, the leasing office and the common area amenities in an effort to make them best-in-class in the submarket, while offering great value to the current and future residents of the community,” Madsen tells GlobeSt.com. “We believe in the location long term as a suburban community with strong access to employment up and down the I-5 corridor. This location specifically offers a rare walkability to a wide variety of retail, restaurants and public transit, all of which are features we look for when investing.”

Including Waterbury Park Apartments, RISE owns approximately 2,900 units across 18 multifamily properties in the Pacific Northwest. The transaction, brokered by CBRE, represents the second joint venture between the companies this year.

“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 US,” says Cameron Jones, head of real estate equity acquisitions for Aegon RA. “The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multifamily sector.”

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 11,000 apartments under management.

RISE Properties Trust is a Canadian real estate trust based in Seattle and Aegon Real Assets US is an indirect wholly owned subsidiary of Aegon NV, a life insurance, pensions and asset management company headquartered in the Netherlands.

The Freddie Mac Multifamily Apartment Investment Market Index/AIMI rose by 2.4% in first quarter 2019 as mortgage rates fell and net operating incomes continued a decade-long rise. The annual change in the index remained negative at -2.9% due to rising mortgage rates throughout 2018 and the continued upward trajectory of property prices, which are negatively correlated to AIMI. US property prices grew in all markets except Seattle.

➤➤ Join the GlobeSt.HEALTHCARE (formerly RealShare) conference December 3-4 in Scottsdale, AZ. The event will cover the industry’s major issues as well as the prevailing and upcoming trends in regulations, space use, budgeting, and technology implementation. Through panel discussions and peer-to-peer networking opportunities, the attendees will gather expert insights on how these factors will affect the development, operation, investment and design of healthcare real estate. Also, be sure to get your nomination in for our healthcare influencer and senior housing influencer feature. Click here to register and view the agenda.