Coast Equity Purchases Suburban Seattle Community
- Jan 07, 2019
Coast Equity Partners has acquired the Cedardale Apartments, a 126-unit Class B community south of Seattle, from Pathfinder Partners for $24.6 million, according to Yardi Matrix. Hunt Real Estate Capital originated $16.4 million in acquisition financing to the buyer through Freddie Mac. The seller had purchased the asset in May 2015 for $13.8 million from Bianco Properties.
Located at 2501 S.W. 336th St. in Federal Way, Wash., the community is positioned approximately 1 mile from another Class B asset which recently sold as part of a $144 million portfolio transaction. Cedardale is adjacent to a number of retail centers, including a Fred Meyer supermarket. Four bus routes serve the area, providing access to both Seattle and Tacoma.
The garden-style community’s 12 buildings contain both one- and two-bedroom units, with floorplans ranging from 608 to 905 square feet. The property’s amenities include a basketball court, a clubhouse with complimentary Wi-Fi, a playground and covered parking. In November 2018, the asset was 98.4 percent occupied, per Yardi Matrix data.
Image courtesy of Yardi Matrix