Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cedardale, a 126-unit multifamily asset in Federal Way, Washington.
“With meticulously maintained grounds, a park-like setting and walkability to numerous retailers and dining options, Cedardale is one of the more desirable multifamily garden communities in the South End area,” said Giovanni Napoli, IPA executive director. “Most importantly, Cedardale has demonstrated a proven value-add plan that the buyer will continue as part of their acquisition strategy. High barriers to single-family home ownership in Federal Way will help pave the way for strong rental fundamentals in the foreseeable future, including 5% rent growth in 2025.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, CEP Multifamily, and procured the buyer, Pathfinder Partners.
Located between Seattle and Tacoma, the property provides residents with easy access to Downtown Seattle, Sea-Tac Airport, Kent Valley, and the Eastside. Twin Lakes Golf and Country Club, the North Shore Golf Course, and Dash Point State Park are also nearby.
Cedardale was constructed in 1981 on over seven acres with green lawns and evergreens. The property has a recently renovated clubhouse, a covered picnic area, playground, sport court, dog park, and car vacuum station. The unit mix of one- and two-bedroom apartments averages 746 square feet. All apartments have wood-burning fireplaces, washers and dryers, and private decks or patios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
