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FEDERAL WAY, WA-Campus Grove, a 309-unit townhome rental complex has changed hands for $41 million. With equity from Cornerstone Real Estate Advisors, Foster City, CA-based Legacy Partners acquired the property at 1300 SW Campus Dr. from Campus Grove LLC, whose agent is listed as Lloyd W. Born of Bellingham, WA.

Developed in the early 1990s, the 24-acre complex includes 67 two-story residential buildings, a 4,500-sf clubhouse and office, and several garages. Other amenities include a swimming pool, spa and showers, an exercise room and weight room, a sport court and meeting rooms.

Legacy says it plans to invest an additional $12 million in “a fairly complete interior and exterior overhaul.” It was attracted to the property because of its all-townhome configuration, mature landscaping and exposure along Campus Drive.

“[Campus Grove] used to dominate its submarket and we hope … we can position it to where it does so again,” says Legacy’s senior executive for the Pacific Northwest, Kerry Nicholson.

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