Apartment property not far from Dash Point State Park sells for just over $31 million
Another multi-million dollar apartment sale was announced this week in the Tacoma area, this time in Federal Way.
Institutional Property Advisors, a division of Marcus & Millichap, announced this week the sale of Cedardale apartments, 2501 SW 336th St., not far from Dash Point State Park and Northeast Tacoma.
The 126-unit property sold for just over $31 million.
“With meticulously maintained grounds, a park-like setting and walkability to numerous retailers and dining options, Cedardale is one of the more desirable multifamily garden communities in the South End area,” Giovanni Napoli, IPA executive director, said in a statement.
Napoli added, “High barriers to single-family home ownership in Federal Way will help pave the way for strong rental fundamentals in the foreseeable future, including 5% rent growth in 2025.”
Listings at apartments.com show Cedardale monthly rents ranging from $1,659 for one-bedroom units up to $3,016 for 2-bedroom units. Redfin’s most recent data show median closed sale price for existing single-family homes in that area at $610,000, compared with $472,500 in Tacoma.
As for rents, Apartment List shared analysis last month that stated in the Seattle metro (including Tacoma), 49% of renter households “spend at least 30% of their income on rent, and 23% spend more than half.”
For Olympia-Lacey-Tumwater metro, it was nearly 57% of renter households spending at least 30% of their income on rent.
Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, Everett-based CEP Multifamily. The team also found the buyer, San Diego-based Pathfinder Partners.
Cedardale, built in the early 1980s, was developed on more than 7 acres. The property features a renovated clubhouse, covered picnic area, playground, sport court, dog park and car-vacuum station. All units have wood-burning fireplaces, washers and dryers and private decks or patios, according to IPA.
The sale is the latest in the Tacoma area involving either sites of existing apartments or lots planned for future multifamily development.
