By Jack Stubbs
On Wednesday, December 5th, the Madrona Park Senior Living Retirement Facility in Federal Way, Washington sold for $16.62 million, or approximately $227,671 per unit, King County records show. The buyer was San Diego-based PMB Real Estate Services, a company that focuses on the management and operations of healthcare properties. The seller was CP Federal Way LLC, an entity who shares the same address as Seattle-based investment firm Columbia Pacific Advisors.
The buyer did not respond to emailed requests for comment about the transaction—which recorded on December 14th—in time for the publishing of this story.
The Madrona Park Senior Living Retirement Facility, located at 31200 23rd Ave. S., is a two-building retirement community built in 1997 sitting on 3.5 acres, according to public records. The two-building property comprises 73 units and has an average unit size of 441 square feet.
The property is less than one mile from the Pavilions Center retail complex in Federal Way and adjacent to Steel Lake Park. The asset is also less than one mile from access to Interstate-5 and about seven miles west of Auburn via State Route 18.
PMB provides a variety of real estate services for professionals in the healthcare field including leasing, property management, construction and asset management and development, according to the company’s web site. Nationwide, the company has 37 medical office buildings and 2.97 million square feet under management and has over 20 years of experience working with hospitals.
PMB strives to be the best property and asset management company in healthcare by maintaining an environment that attracts and retains great employees; delivering service that delights tenants, hospital administration and portfolio clients; and producing strong financial results for its stakeholders.
As of December 31st 2017, Columbia Pacific Advisors had more than $2 billion in assets under management. The company manages alternative investment vehicles in real estate investments, lending and opportunistic investment, according to its web site. The company’s portfolio of assets includes senior housing, multifamily, office, retail, hospitality, industrial and self-storage, among other asset classes. Columbia Pacific Advisors’ loan amounts are typically between $5 and $50 million with terms as short as 12 months.