Pierce County apartment complex sells for first time in two decades. Here’s who bought it
A San Diego private-equity firm has announced that its purchase in 2024 of a Milton apartment community was its 13th acquisition in Washington state.
An LLC affiliated with San Diego-based Pathfinder Partners purchased the Sundance apartment complex, 210 27th Ave., Milton, in November for $28.15 million.
It is the first time the property has traded hands since its development in 2004. The new owner issued a release Tuesday regarding the purchase.
The seller was an LLC affiliated with SEB Inc. of University Place, a multifamily apartment/condo builder, who originally purchased the site for development in 2002 for $950,000, according to county records.
Pathfinder Partners’ multifamily portfolio, according to its website, includes properties in the Puget Sound region as well as Portland, San Diego, Sacramento, San Diego and Denver metro markets.
Sundance is a more-than 100-unit apartment community consisting of nine, three-story residential buildings, a community building with clubhouse, leasing office and fitness center. The site also includes pool and jacuzzi, picnic area, playground and 24 detached garages.
The site offers a mix of apartments from one-bedroom, one-bath units up to three-bedroom, two-bath units.
Mitch Siegler, co-founder and managing director of Pathfinder Partners, said in Tuesday’s release that “We plan to improve the common areas to include a new barbecue area, dog park and package locker as well as upgrade the unit interiors – including updated bathrooms and kitchens – and operate Sundance as a stabilized, cash-flowing investment.”
He added that “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.”
The transaction adds to a string of apartment sales completed in the Tacoma area in the past few months.
