Sale of Cedardale apartment site in Federal Way tops $31M | Tacoma News Tribune

The recent sale of the Cedardale apartment site in Federal Way for over $31 million to San Diego-based Pathfinder Partners highlights the growing demand for multifamily housing in the region. Institutional Property Advisors, part of Marcus & Millichap, facilitated the transaction, noting the property's desirable features, including a park-like setting and proximity to retail and dining options. Giovanni Napoli, IPA's executive director, stated that high barriers to single-family home ownership in Federal Way are expected to bolster the rental market, with projected rent growth of 5% by 2025. Current listings indicate that monthly rents at Cedardale range from $1,659 for one-bedroom units to $3,016 for two-bedroom apartments, underscoring the increasing demand for rental properties. The complex, built in the early 1980s on over 7 acres, offers several amenities, including a renovated clubhouse, a playground, and a dog park.

This sale is part of a broader trend in the Tacoma area, reflecting ongoing developments in both existing apartments and new multifamily projects, signifying a critical moment for local real estate dynamics and the future of housing in Federal Way.