By Meghan Hall
Just a month after it closed on the 77-unit Marina Club Apartments in Des Moines, Wash., for $15.7 million, Agoura Hills, Calif.-based property investment firm Madison Residential has sealed the deal for another apartment complex, this time in Federal Way. Madison bought the Arbor Woods complex at the end of February for $10.1 million or $160,317 per unit, from Woodland Hills, Calif.-based Compass Acquisition Partners, according to King County public records.
The property, located at 1800 S. 330th St., was built in 1991. The 63 units are a mix of studio, one- and two-bedroom apartments ranging in price from $1,025 per month to $1,495 per month, according to Apartments.com. Apartment amenities include balconies, high speed internet, a fitness center and a playground. Parking is also present on-site.
The Arbor Woods complex is easily accessible via Interstate 5 and Pacific Highway S. The surrounding neighborhood is primarily residential, although a few eateries and stores, such as Grocery Outlet Bargain Market, Jiffy Lube and Café Noir are located nearby. Celebration Park, and the Commons at Federal Way Shopping Center, which is anchored by Century Theaters and Safeway, are a few minutes’ drive by car.
Madison Residential also owns the Bend of River Apartments in Kent, which it bought for $12.4 million, or around $172,000 per unit at the beginning of 2018. The firm invests in mid-sized assets, according to its website, and over the years has sourced, financed and managed investments consisting of over 5,000 apartments. Madison’s total portfolio value is in excess of $750 million said the company on its site, and it is working to acquire medium-sized multifamily assets around the United States.
Compass Residential is also a California-based real estate investment firm, but focuses on a wider variety of asset classes, including industrial, retail and office. The privately-held company owns hundreds of properties across the United States. While the bulk of its properties are in California, Compass also owns seven other properties in the Puget Sound region, including the 123-unit Mill Pond Apartments in Auburn, Wash., and the 120-unit Quail Hollow Apartments in Silverdale.