FEDERAL WAY, WA—Continuing the expansion of its multifamily value-add platform, California-based Pathfinder Partners, LLC has acquired Cedardale Apartments—a 126-unit multifamily community located at 2501 SW 336th St. $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. Federal Way is a suburb south of Seattle.
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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
