Sale of Cedardale apartment site in Federal Way tops $31M

The Cedardale apartment complex in Federal Way has been sold for just over $31 million to Pathfinder Partners, a San Diego real estate investment firm. This 126-unit property, located at 2501 SW 336th St. , features well-maintained grounds and a park-like setting, making it one of the more sought-after multifamily communities in the South End area. Giovanni Napoli, executive director of Institutional Property Advisors, emphasized that ongoing challenges in single-family home ownership in Federal Way will likely bolster rental demand, with an anticipated 5% rent growth by 2025. Current rental rates for Cedardale range from $1,659 for one-bedroom units to $3,016 for two-bedroom units, according to listings on Apartments.

com. Recent data from Redfin indicates a median sale price of $610,000 for existing single-family homes in the vicinity. This sale aligns with a trend of significant multifamily developments in Tacoma, underscoring the growing importance of rental properties in the local housing market. Built in the early 1980s and sprawled over 7 acres, the Cedardale complex includes amenities such as a renovated clubhouse and a dog park, reflecting the broader dynamics of real estate investment in the region where demand for quality rental housing remains strong.