SAN DIEGO, CA - Pathfinder Partners, a San Diego-based firm specializing in opportunistic and value-add real estate investments, has announced the $25 million acquisition of The Argyle, a 160-unit multifamily Seattle-area community at 2517 S. 316th Lane in Federal Way, Washington.
The Argyle, built in 1984, is situated on 4.95 acres and includes 13 three-story buildings comprised of 81 one-bedroom/one-bathroom units, 49 two-bedroom/one-bathroom units and 30 two-bedroom/two-bathroom units averaging 792 square feet. The community includes a pool area, children’s playground area, recently renovated fitness center, leasing office and clubhouse. The project was purchased from an undisclosed seller, which had owned and operated the community for two years.
According to Lorne Polger, senior managing director of Pathfinder Partners, “We were attracted to the community’s secluded, tranquil ambiance combined with its excellent walkability and close proximity to public transportation. Our plan is to add more amenities as well as renovate the property’s exterior and unit interiors.”
Polger added that Seattle continues to be an appealing market for Pathfinder. “Because of the city’s low vacancy rate, continued rental rate increases and robust job growth, we continue to look for investment opportunities in the Seattle area,” he said.
Pathfinder has been active in Washington with eight acquisitions and five dispositions since 2011. The company acquired two other Federal Way properties, Cedardale, a 126-unit apartment complex acquired in 2015 and Redondo Terrace, a 78-unit multifamily community which Pathfinder sold in May 2015.
The transaction was brokered by Jeff Williams and Kim Brown of Moran & Company.