Fourth Avenue Capital Acquires Class-A Alder Walk Property, Bolsters Seattle Portfolio
Fourth Avenue Capital, continuing to leverage strategic acquisitions within the multifamily sector, has made another notable investment by purchasing Alder Walk, a pristine Class-A multifamily property situated in Puyallup, Washington. With this addition, Fourth Avenue Capital now commands a diverse portfolio of 19 assets, further solidifying its presence in the Seattle Metropolitan Statistical Area (MSA) where it owns five other properties.
Alder Walk, constructed in 2022, is comprised of 78 apartment units distributed over 3 residential buildings and a clubhouse, spanning a generous 5.06 acres. The property presents one- and two-bedroom floorplans, with an average size of 843 square feet, perfectly equipped with in-unit washers and dryers, and offers garage, carport, and surface parking options. These attributes underscore the commitment to providing residents with both convenience and quality.
The interior finishes of Alder Walk reflect the exceptional standards seen in the area’s top multifamily offerings. The property distinguishes itself with 10-foot high ceilings, ensuite bathrooms in all two-bedroom configurations, sizable walk-in closets and an attractive range of amenities. These include a resident clubhouse, an on-site leasing office, a fitness center, walking trails, a children’s play area, and an outdoor BBQ station. The property balances the appeal of a close-knit community experience with the perks typically associated with larger developments.
Alder Walk’s strategic setting within the rapidly evolving Frederickson submarket is a testament to its potential for sustained growth. The locale has witnessed a population increase of 22% since 2020 and houses the Frederickson Employment Center—Pierce County’s most extensive industrial zone. This bustling economic hub has brought forth over 5.5 million square feet of industrial space since 2020 and cultivated thousands of job opportunities, hosting significant blue-chip tenants such as Ikea, Amazon, Best Buy, Boeing, and Ace Hardware.
In the words of 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.” This sentiment reflects the company’s acumen in pursuing investments that promise enduring value and align with the dynamic economic landscape.
By focusing on quality and growth potential, Fourth Avenue Capital has once again demonstrated its capability to identify and act upon valuable opportunities within the multifamily industry. Alder Walk represents not just an acquisition but a strategic move towards harnessing the power of community, design, and location to foster meaningful experiences for its residents while simultaneously delivering financial returns for its investors. This move not only aligns with the principles of innovation and proactive leadership but also reflects the company’s adeptness in navigating the complexities of the multifamily market.