Federal Way Multifamily Trades For $68M
Priderock Capital Partners has acquired Arcadia Townhomes, a 309-unit multifamily property in Federal Way, from TruAmerica Multifamily and Guardian Life Insurance Company of America for $68.5M. “Rental rates continue to grow throughout Puget Sound, and investors are casting a wider net to find multifamily assets that deliver value,” says JLL's David Young, who repped the sellers along with colleague Corey Marx.
The property is comprised almost entirely of townhomes (95%) and all units are larger than 1k SF. Common amenities include barbecues and a gazebo, a fitness center, a clubhouse with WiFi, an outdoor pool and hot tub, and biking and walking paths.
Non-urban core apartments are an aspect of the Seattle residential market that will be discussed at our Seattle Multifamily event beginning at 7:30am Dec. 14 at the Westin Seattle.