FPA Multifamily Trades Seattle-Area Asset for $71M

The transaction marks the buyer’s second acquisition in the Federal Way submarket in the past 12 months, bringing the firm’s Seattle-area portfolio to more than 600 units.
The Miro at Dashpoint

FPA Multifamily has sold The Miro at Dashpoint, a 388-unit Class B community in the Seattle area, to RedHill Realty Investors for $71.3 million, according to Yardi Matrix. The buyer assumed $44.1 million in existing CMBS financing, spread across three notes, with all maturing in 2026. FPA purchased the property in early 2016 from Bridge Investment Group for $46 million.

The owner now holds a 661-unit portfolio across the metro. In the first half of 2018, RedHill also purchased a nearby 105-unit community for $20.8 million.

Located at 31004 19th Place S.W. in Federal Way, Wash., The Miro at Dashpoint’s 89 two-story buildings are close to Washington Route 509, linking the area with central Seattle, roughly 25 miles north. The property is also a short distance from a shopping center and a bus route.

Opened in 1978, The Miro at Dashpoint contains a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 430 to 1,324 square feet. Community amenities include a swimming pool, fitness center, basketball court, dog park, playground, business center and soccer field. In January, the asset was 93.5 percent occupied, per Yardi Matrix data.

Image courtesy of Yardi Matrix