San Diego-based private equity firm, Pathfinder Partners, has recently acquired Sundance – a 105-unit apartment community in Washington – for $28.15 million. The property is located at 10 27th Avenue in the suburban neighborhood of Milton, just south of Seattle. This marks Pathfinder’s thirteenth acquisition in Washington.
The original developer SEB Inc., sold Sundance to Pathfinder and it consists of nine three-story residential buildings as well as a community building with amenities such as a clubhouse, leasing office and fitness center. Built in 2004, the community offers a mix of one-, two- and three-bedroom units ranging from 725 to 1,160 square feet.
According to Siegler from Pathfinder Partners: “There is still great potential for investors looking to diversify their portfolios by investing in multifamily real estate due to the ongoing imbalance between housing supply and demand.” Sundance is now part of the company’s stabilized multifamily fund called Fund which allows accredited investors an opportunity for investment.
