WA Community Changes Hands

Madison Residential purchased the 63-unit Class B asset for approximately $10 million, with Opus Bank providing more than $7 million in acquisition financing.
Arbor Woods Apartments

Compass Acquisition Partners has sold the Arbor Woods Apartments, a 63-unit Class B community south of Seattle, for roughly $10 million to Madison Residential, according to Yardi Matrix. Opus Bank provided the buyer with $7.4 million in acquisition financing.

Located at 1800 S. 330th St. in Federal Way, Wash., the community’s three buildings are approximately 25 miles south of downtown Seattle and 10 miles east of Tacoma. The property is a short distance from a wide variety of shopping and dining options alongside the Pacific Highway and South 320th Street. A bus route in the immediate area connects the asset to the Federal Way Transit Center.

Arbor Woods, built in 1991, contains a mix of studio, one- and two-bedroom units, with floorplans ranging from 591 to 932 square feet. Property amenities include a fitness center and partially covered parking, and each apartment contains washers and dryers. As of January, the community was 95.2 percent occupied, per Yardi Matrix data.

Madison Residential worked with the same lender for its February acquisition of a 77-unit community, 7 miles north of Arbor Woods. Opus Bank provided $12.1 million to finance that deal.

Image courtesy of Yardi Matrix