The Commons was acquired as part of a multi-state portfolio and is located in Federal Way, WA. The property is located 1 mile west of Pacific Highway (99) and 1.5 miles west of the 5 Freeway, providing easy access to Seattle CBD (25 miles north) and downtown Tacoma (8 miles southwest). Federal Way provides an easy commute to major business centers and more affordable rents than found in Seattle CBD. The average household income within a 3 mile radius is more than $73,000, with an expected population growth of 5.2% by 2020. With a focused interior and common area renovation program and improved property management, solid rental premiums and NOI growth is achievable.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
The Commons at Federal Way Apartments is situated in the prestigious Washington community. Spectacular wooded and private views, onsite management and 24 hour maintenance are only a few of the many amenities at The Commons at Federal Way. Bordering Panther Lake Park, the community is just minutes from Celebration Park, St. Francis Community Hospital & convenient to shopping.