A partnership between St. Regis Properties and Sequoia Equities has acquired Align Apartments, a garden style multifamily community in Federal Way, WA. The Northmarq team of Andy Slaton, Jackie Goldsmith and Soraya Rios secured $24 million in fixed-rate bridge financing to purchase and renovate the property on behalf of the Sponsor.

“Our team was able to source the best terms in a volatile rate environment for a fixed-rate four-year bridge loan to fund the value-add acquisition. Align is an attractive opportunity to acquire a cash-flowing asset with upside in an infill location at a discount to replacement cost,” said Slaton.

The property consists of 105 two- and three-bedroom units spread across 10 three-story buildings and one clubhouse. The residences feature a wood-burning fireplace and private patio/balcony. Community amenities include an outdoor pool and sundeck, indoor spa, fitness center and business center.