SAN DIEGO, CA - Continuing the expansion of its multifamily value-add platform, San Diego-based Pathfinder Partners, LLC has acquired Cedardale Apartments – a 126-unit multifamily community located at 2501 SW 336th St. in Federal Way, Wash., south of Seattle – for $13.6 million.
Cedardale was built as condominiums in two phases, between 1981 and 1983, and is currently operated as a rental community. The 13 two-story buildings consist of one- and two-bedroom units ranging from 608 to 905 square feet and several common area amenities – including a multi-purpose clubhouse/leasing office, children’s “tot lot” and basketball court.
According to Lorne Polger, co-founder and senior managing director of Pathfinder Partners, his firm plans to implement a comprehensive interior and exterior renovation program and will continue to operate the property as a rental community.
This most recent acquisition reflects Pathfinder’s bullish outlook on the Seattle real estate market and the company’s continued interest in value-add multifamily opportunities, Polger said. “We are especially excited about the Seattle market because of its blistering job growth, low apartment vacancy and steady rent increases,” he said. “The employment base – which includes Boeing, Microsoft, Google, Amazon, Costco and Starbucks – coupled with the area’s robust economic fundamentals creates strong demand for apartments.”
Polger said the purchase marks Pathfinder’s seventh acquisition in the Seattle area and meets the company’s criteria of making opportunistic investments in strong, mid-tier cities in the western U.S. “We see Cedardale as an opportunity to improve a 1980sera apartment community and rebrand and reposition the property to reflect the demands of today’s modern renter,” he added.