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Cedardale Apartments marks the firm’s seventh Seattle-area purchase
SAN DIEGO (May 1, 2015) – 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 in Federal Way, WA, 25 miles south of downtown Seattle – for $13,675,000.
Cedardale was built as condominiums in two phases, between 1981 and 1983, and is currently being 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. Pathfinder plans to implement a comprehensive interior and exterior renovation strategy and continue to operate the property as a rental community.
According to Mitch Siegler, senior managing director of Pathfinder Partners, this latest purchase reflects Pathfinder’s bullish outlook on the Seattle-area real estate market and the company’s continued interest in value-add multifamily opportunities. “We are especially excited about the Seattle market because of its blistering job growth, tight apartment occupancy and continued rental rate increases.” said Siegler. “The existing employment base – which includes Boeing, Microsoft, Google, Amazon, Costco and Starbucks – coupled with the City’s expanding economic fundamentals creates additional positive momentum for the local real estate market.”
Siegler 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 1980’s vintage apartment community and rebrand and reposition the property to reflect the demands of today’s modern renter,” he added.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and value-add properties. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and fatigued owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information on Pathfinder and the firm’s newest fund, Pathfinder Partners Opportunity Fund V, L.P., visit www.pathfinderfunds.com or contact Mitch Siegler at email@example.com or at 858-875-4455.