A joint venture ownership has sold Arcadia Townhomes, a 309-unit multifamily asset located in Federal Way, in a transaction announced today. Priderock purchased the asset for $68.5 million.
JLL's Capital Markets experts, which handled the sale and purchase, reported that investors seeking yield in the multifamily sector are increasingly exploring value-add opportunities beyond the urban core.
“Rental rates continue to grow at an exceptional rate throughout Puget Sound and investors are casting a wider net to find multifamily assets that deliver value,” said Young. “Arcadia Townhomes presented the opportunity to acquire an asset with true value-add potential in a more affordable submarket with strong fundamentals.”
The Arcadia complex is centrally located within the Puget Sound region's major employment hubs. It is comprised almost entirely of townhomes (95 percent) and all units are larger than 1,000 square feet. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool and hot tub and biking and walking paths.
Priderock Capital Partners is described as a private multi-family asset management and development firm based in West Palm Beach, Florida. Its website says it manages more than 7,500 units across 15 states, including Washington and Oregon as its only West Coast assets.