Pathfinder Partners, a San Diego-based firm specializing in value-add real estate investments, has announced the $18 million acquisition of Astoria Apartments – a 125-unit multifamily community located in the Seattle-Tacoma metro area at 5700 23rd Street in Fife, Washington.
Built in 1982, the community is situated on 5.7 acres and includes 12 two-story residential buildings comprised of 68 one-bedroom/one-bathroom units, 53 two-bedroom/one-bathroom units and four three-bedroom/two-bathroom units averaging 727 square feet. The community offers a variety of amenities including a newly constructed leasing office, resident clubhouse, fitness center, children’s playground area, outdoor patio seating, dog park, indoor pet wash station and covered parking. Each unit has a private entry, fully-equipped kitchen, fireplace and large patio/balcony. Pathfinder plans to implement a comprehensive interior renovation program on un-renovated units, as well as the enhancement of currently renovated units, the addition of washer/dryers to all units and upgrades to the landscape, hardscape and common area amenities.
According to Lorne Polger, senior managing director of Pathfinder Partners, “Astoria is an appealing community with a peaceful ambiance and proximity to schools, shops and major freeways.” Additionally, he said “The Fife submarket enjoys high demand for multifamily housing due to its proximity to employment centers within the Seattle-Tacoma area, with approximately 700,000 jobs within 30 miles of Astoria.”
Pathfinder has been active in Washington with nine acquisitions and six dispositions since 2011. The company has acquired three other Seattle-Tacoma metro area properties during the past 36 months: Argyle Apartments, a 160-unit multifamily community acquired in 2017; Cedardale, a 126-unit apartment project acquired in 2015 and Redondo Terrace, a 78-unit multifamily community which Pathfinder acquired in 2012 and sold in May 2015.
The transaction was brokered for both parties by Giovanni Napoli and Phil Assouad of Kidder Mathews.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Mitch Siegler and Lorne Polger in 2006 to make opportunistic investments in distressed real estate assets and value-add properties. Pathfinder has acquired or sold $1 billion of properties since inception. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and fatigued owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies.