SEATTLE, WA - Fourth Avenue Capital purchased Alder Walk, a stabilized, newly constructed Class-A multifamily property located in Puyallup, WA. Fourth Avenue Capital now owns 19 assets across its portfolio, including five other properties in the Seattle MSA.
Built in 2022, Alder Walk consists of 78 apartment units within 3 residential buildings and a clubhouse on 5.06 acres of land. The property features one- and two-bedroom floorplans averaging 843 SF. All units contain washer/dryers, and the property offers garage, carport and surface stalls.
The unit interior finishes align with the newest best-in-class competitors in the local market. Unique features of the property include 10-foot ceilings throughout, ensuite bathrooms in all two-bedroom units, walk-in closets, and a robust suite of amenities including a resident clubhouse, onsite leasing office, fitness center, nature trail, playground, and outdoor BBQ area. While the property is boutique in scale, it offers residents the benefits of a larger community in an intimate natural setting.
The asset is located within the Frederickson submarket which has seen explosive growth with the population up 22% since 2020. A key feature of the area is the Frederickson Employment Center, which is the largest designated industrial area in unincorporated Pierce County and designated as a regional Manufacturing and Industrial Center. With over 5.5 million SF of industrial space delivered since 2020, thousands of jobs have been created in the process. Area major blue-chip tenants include Ikea, Amazon, Best Buy, Boeing and Ace Hardware.
According to Davis Vaughn, Managing Partner at Fourth Avenue Capital, "The acquisition of Alder Walk was a compelling opportunity to buy a newly constructed asset in a high-growth submarket, below replacement cost. With top-of-market finishes including 10-foot ceilings in all units, we feel the property is well positioned to capitalize on the strong employment growth in the area and create long term value for our investors."