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6/02/17
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Pathfinder Partners has purchased The Argyle, a 160-unit, Seattle-area multifamily community, for $25 mil, or $156.3k/unit. Built in 1984, the property is located at 2517 S. 316th Lane in Federal Way.
The Argyle is situated on 4.95 acres and includes 13 three-story buildings comprised of 81 one-bedroom/one-bathroom units, 49 two-bedroom/one-bathroom units and 30 two-bedroom/two-bathroom units averaging 792 sf in size. The community includes a pool area, children’s playground area, recently renovated fitness center, leasing office and clubhouse.
Pathfinder plans to add more amenities as well as renovate the property’s exterior and unit interiors. The project was purchased from an undisclosed seller, which had owned and operated the community for two years. Jeff Williams and Kim Brown of Moran & Company represented the seller in the transaction.
Pathfinder finds Seattle to be a desirable market for investment, in part because of the city’s low vacancy rate, continued rental rate increases and robust job growth. The company acquired two other Federal Way properties, Cedardale, a 126-unit apartment complex acquired in 2015, and Redondo Terrace, a 78-unit multifamily community which Pathfinder sold in May 2015.
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