Located between Seattle and Tacoma, Federal Way is a dynamic community offering a rare blend of natural beauty, urban accessibility and economic strength.  Federal Way balances urban conveniences with views of Puget Sound, easy access to the Cascade Mountains and an abundance of parks and green spaces.  These qualities – along with strong renter demand and a continued investment in local infrastructure – drew Pathfinder back to Cedardale, a 126-unit apartment community we originally owned from 2015 to 2018.

Built as condominiums in two phases between 1981 and 1983 (though units were never sold individually), Cedardale offers a mix of one- and two-bedroom apartments ranging from 608 to 905 square feet. The property is low-density and features mature landscaping, a grove of evergreens and a peaceful residential setting.  Prior to our recent acquisition, the property had not been updated for more than six years and was being self-managed by the seller, creating an excellent opportunity for Pathfinder to implement physical and operational improvements.

Since acquiring Cedardale in December, we’ve implemented our renovation and repositioning plan, including renovating seven apartments with new flooring, modern kitchens (shaker cabinet fronts, quartz countertops and tile backsplashes), updated bathrooms, keyless entry and the removal of popcorn ceilings. We’ve also refreshed the landscaping and are rolling out community-wide Wi-Fi.  And this spring and summer, we’re hosting resident events to further enhance community engagement.