Pathfinder Snags 125-Unit Seattle-Area Community
The company purchased Astoria Apartments—located in the Fife submarket—for $18 million and is planning extensive renovations of the 36-year-old asset.
Pathfinder Partners has acquired Astoria Apartments, a 125-unit property in the Seattle-Tacoma metro area, for $18 million. This marks the company’s ninth Seattle-area purchase. According to Yardi Matrix, FPA Multifamily disposed of the asset.
The 5.7-acre site is located at 5700 23rd St. E. in Fife, Wash., near Interstate 5 and Route 509. Downtown Tacoma is a 6-mile drive from the community, while Seattle is less than 30 miles away. Built in 1982, the property encompasses 68 one-, 53 two- and four three-bedroom units averaging 727 square feet in 12 two-story buildings.
The apartments feature private entries, fully-equipped kitchens, fireplaces and large patios/balconies. Pathfinder is planning to implement extensive interior upgrades, such as the addition of washers and dryers to all units, renovations of the community areas and landscaping. Common-area amenities currently include:
- newly constructed leasing office
- fitness center
- outdoor patio seating
- dog park
- indoor pet wash station
- covered parking
“Astoria is an appealing community with a peaceful ambiance and proximity to schools, shops and major freeways,” said Lorne Polger, senior managing director of Pathfinder Partners, in a prepared statement. “The Fife submarket enjoys high demand for multifamily housing due to its proximity to employment centers within the Seattle-Tacoma area, with approximately 700,000 jobs within 30 miles of Astoria.”
Image courtesy of Pathfinder Partners