Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of The Ridge and The Shores Apartments, two multifamily communities located adjacent to one another with a combined 335 apartment homes located in the highly sought-after Seattle MSA suburb of Federal Way. Ideally situated between Seattle and Tacoma, the property offers exceptional convenience for commuters, with easy access to major employment centers including downtown Seattle, the Eastside, Tacoma, and Kent Valley via Interstate 5, State Route 18, and Highway 99. Additionally, the Federal Way Transit Center and the future Link Light Rail Station, scheduled to open in December 2025, are just two miles from the property.

Federal Way boasts a robust and diverse economy encompassing healthcare, education, and retail. The city appeals to a wide range of residents with its parks, cultural events, and outdoor recreation options. The property is also within 10 minutes of The Commons Mall, Federal Way Performing Arts Center, and Town Square Park, offering residents convenient access to shopping, entertainment, and community amenities.

Value-Add Investment Opportunity

Significant rental upside through interior and common area renovations. Nearly all units feature classic finishes, offering a blank-slate value-add opportunity to capitalize on rent growth across the rent roll. Additional enhancements to the common areas could further increase overall property value.

Large Floor Plans, Balanced Unit Mix

Thoughtfully designed one-, two-, and three-bedroom homes averaging ±887 square feet, including dining rooms, kitchen pantries, large decks or patios, and generous storage space. Select units include walk-in closets.

Well-Maintained Community

The community has been exceptionally well-maintained under long-term ownership and a management team known for attention to detail. Low density grounds with lush landscaping, offering residents a spacious and serene living environment.

Excellent Federal Way Location

Tucked away just off South 320th Street in a tranquil evergreen setting, the property offers a perfect balance of privacy and convenience, with easy access to Interstate 5 and Highway 99. Residents enjoy close proximity to retail, dining, and lifestyle amenities, including The Commons Mall, all within a 10-minute drive.

Easy Access to Major Employment Hubs

Centrally located between the employment centers of downtown Seattle and Tacoma and less than 10 minutes from Interstate 5, providing easy commutes to Seattle, Sea-Tac Airport, Kent Valley, Bellevue, and the Eastside.

Link Light Rail Service Coming Soon

Federal Way Transit Center, located within two miles of the property, will be served by Link Light Rail beginning in December 2025, offering seamless access to Sea-Tac Airport, downtown Seattle, and the University of Washington. Expanded service to the Eastside is slated for spring 2026.