Homestead

Berkadia Seattle is pleased to present the opportunity to acquire Homestead, a 134-unit garden-style multifamily community in Federal Way, Washington.

Federal Way sits within the Seattle-Tacoma MSA along the I-5 corridor, providing direct access to a diversified employer
base without the pricing compression that defines the region’s
core submarkets.

Built in 1987, Homestead is a well-maintained community of one- and two-bedroom homes with the opportunity to reposition the asset to current market finish levels, giving a new owner a clear value-add opportunity in a supply-constrained rental market. Federal Way’s housing production has not kept pace with population growth, and the City’s own Housing Action Plan calls for roughly 6,800 additional units by 2040 — a 68% increase over recent production trends — underscoring the structural imbalance between renter demand and available supply that supports both
in-place occupancy and the runway for renovated rent premiums.

Sound Transit’s 1 Line light rail extension to Federal Way opened to the public in December 2025, connecting the Federal Way Transit Center directly to Sea-Tac Airport and Downtown Seattle by rail for the first time. Proximate to Kent Valley industrial base and the Northwest Seaport Alliance, Homestead is positioned at the intersection of durable blue- and white-collar employment demand and improving transit connectivity.