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Pathfinder Partners Acquires MF in Seattle Submarket
Pathfinder Partners, a San Diego-based private equity firm, has purchased Sundance, a 105-unit apartment community in Washington, for $28.15 million.
The property is located at 10 27th Avenue in Milton, a suburban neighborhood just south of Seattle. The transaction marks the firm’s 13th acquisition in Washington.
Sundance was sold to Pathfinder by the original developer, SEB, Inc. and consists of nine three-story residential buildings and a community building with a clubhouse, leasing office and fitness center. Built in 2004, the community has a mix of 18 one-, two-, and three-bedroom units ranging from 725 to 1,160 square feet.
“There continues to be a tremendous opportunity for investors to take advantage of the ongoing housing supply/demand imbalance by adding multifamily real estate to their portfolios,” said Siegler. Sundance is the 13th property in the Pathfinder Income Fund, L.P. (“Fund”), a stabilized multifamily fund open to accredited investors.
