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1/08/25
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Pathfinder Partners has acquired Sundance, a 105-unit apartment community in Washington, in a $28.15 mil ($268k/unit) transaction. The property is located at 210 27th Ave in Milton, a suburban neighborhood just south of Seattle. It was sold by the original developer, SEB Inc.
Originally built in 2004, Sundance consists of nine three-story residential buildings and a community building with a clubhouse, leasing office and fitness center. The community has a mix of 18 one-bedroom/one-bathroom units, 42 two-bedroom/one-bathroom units, 24 two-bedroom/two-bathroom units and 21 three-bedroom/two-bathroom units ranging from 725 sf to 1.2k sf.
Units feature washers/dryers, nine and 10-foot ceilings on the upper floors, electric fireplaces, private decks or patios and walk-in closets. Other highlights include a pool and jacuzzi, community picnic area with BBQs and a playground and 24 detached garages.
According to Mitch Siegler, co-founder and managing director of Pathfinder Partners,
Sundance provides a unique opportunity to operate a high-quality property in a well-established, centrally located Seattle submarket. The property is very low density at 12.5 units per acre with large floorplans. We plan to improve the common areas to include a new BBQ area, dog park and package locker as well as upgrade the unit interiors including updated bathrooms and kitchens and operate Sundance as a stabilized, cash-flowing investment, Siegler said.
Sundance is the 13th property in the Pathfinder Income Fund, L.P., a stabilized multifamily fund open to accredited investors. With a focus on stabilized, income-producing, Class B apartments, the Fund has acquired approximately 1,500 apartments across six markets in the western U.S.
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