How Multifamily Owners Compete for Tenants
Renters might be eager to find apartments in Seattle, but that doesn't mean property owners can slack off when it comes to competing for tenants, especially for properties outside the urban core. Pathfinder Partners VP Matt Quinn (snapped fishing for fish, rather than tenants) tells us the company's rebranding and repositioning of Redondo Terrace on Federal Way was an opportunity to refresh and modernize a well-located but outdated 1980s-era apartment property, allowing the company to sell it recently for a tidy profit.
SoCal-based Pathfinder acquired the 78-unit property—formerly known as The View at Redondo at 29421 Pacific Highway South—from the REO department of a private lender in 2012. According to Matt, Pathfinder's value-add improvements included updating both the exterior and interiors and rebranding the property to give it a "cleaner, modern feel.” Phoenix-based MoD Architecture oversaw the redesign; the private Seattle-based buyer was repped in the deal by Marcus & Millichap's George Miller.
