San Diego Investor Snaps Up Another Federal Way Apartment For $25M
Pathfinder Partners acquired The Argyle, a 160-unit multifamily community at 2517 South 316th Lane in Federal Way, for $25M. Pathfinder is a San Diego-based firm specializing in opportunistic and value-add plays. The project was bought from an undisclosed seller, which had owned and operated the community for two years.
The Argyle, built in 1984, is on nearly five acres. It has 13 three-story buildings with 81 one-bedroom/one-bathroom units, 49 two-bedroom/one-bathroom units and 30 two-bedroom/two-bathroom units. Common amenities include a pool, a children’s playground area, a recently renovated fitness center and a clubhouse.
"Our plan is to add more amenities, as well as renovate the property’s exterior and unit interiors,” Pathfinder Partners Senior Managing Director Lorne Polger said. “We were attracted to the community’s tranquil ambiance combined with its walkability.
Polger said Seattle continues to be an appealing market for Pathfinder because of the city’s low vacancy rate, continued rental rate increases and robust job growth.
The company has been active in Washington in recent years, with eight acquisitions and five dispositions since 2011. In 2015, Pathfinder acquired Cedardale, a 126-unit apartment property in the Federal Way suburb, and that same year sold Redondo Terrace, a 78-unit Federal Way community.