Waterbury Park Waterbury Park is near the Federal Way Transit Center, which has a light rail station planned for 2024.

FEDERAL WAY, WA—As transit-oriented living becomes increasingly mainstream, housing near light rail gets more attention from investors. One such property is Waterbury Park Apartments, which has been purchased for $56 million by RISE Properties Trust and Aegon Real Assets US.

The multifamily community was built in 1989 one mile west of Interstate 5, or an approximately 25 minute drive south of Seattle and 20 minute drive north of 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 from the Federal Way Transit Center, which is expected to open a light rail station in 2024 as part of Sound Transit’s $3.1 billion Federal Way Link Extension.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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