View at the Lake I
EXCLUSIVE MULTIFAMILY OPPORTUNITY
30602 Pacific Hwy South | Federal Way, WA 98003
OPPORTUNITY
Berkadia Seattle is pleased to present the opportunity to acquire View at the Lake I in Federal Way, Washington.
View at the Lake I, a 156-unit multifamily community in Federal Way, Washington, was built in 1969. Positioned between Seattle and Tacoma along the South King County corridor, the property offers residents direct access to the Kent Valley’s industrial and manufacturing base and with the opening of the Link Extension in 2025, connectivity has increased to the rest of the Puget Sound region.
View at the Lake presents a blank-canvas renovation opportunity, as the property has not been repositioned to current market finish levels, giving a new owner full control over the scope and pace of a value-add program. That upside is underpinned by a constrained supply pipeline, with Federal Way having delivered only one new market-rate multifamily community in the past 30 years. This supports sustained high occupancy and a clear path to increased NOI as renovated units are brought online.
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- BUILT
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INVESTMENT HIGHLIGHTS
Blank-Slate Value-Add: View at the Lake has not undergone a comprehensive interior or exterior repositioning, giving a new owner full control over the scope, pace, and finish level of a renovation program rather than inheriting a partially completed one.
Constrained South King County Supply: Federal Way has delivered only one new market-rate multifamily community in the past 30 years, limiting renovated, well-located competition and supporting sustained high occupancy for existing product.
Strategic Seattle-Tacoma Corridor Location: Positioned directly between Seattle and Tacoma, the property gives residents seamless access to the Kent Valley’s industrial and manufacturing base as well as employment centers across the greater Seattle-Bellevue MSA.
Attractive Basis for Yield Growth: Built in 1969, View at the Lake’s in-place basis provides investors a lower cost of entry relative to newer South King County product, with a clear path to increased NOI and attractive going-in yields as units are renovated to market.
156
units
1969
Year BUILT
887
AVG SF
VALUE-ADD OPPORTUNITY
As a 1969-built asset that has not undergone a comprehensive renovation, View at the Lake offers a new owner a clean, unencumbered value-add program — from modernized flooring, countertops, and fixtures inside each unit to exterior and common-area upgrades that bring curb appeal in line with renovated South King County comps. Because no renovation program is currently underway, a buyer retains full flexibility to underwrite the scope, pace, and finish level that best fits their return targets, phasing the program to match lease-up and minimize disruption to in-place occupancy. Paired with a constrained new-supply pipeline in Federal Way, the renovation program gives investors a clear, quantifiable path to a higher rent basis and increased NOI over the hold period.
Contact Us
Investment Sales
GEORGE PALLIS
Senior Director
WA CRE #138339
206.801.3070
[email protected]
BEN JOHNSON
Managing Director
WA CRE #114515
206.801.3144
[email protected]
BRANDON LAWLER
Senior Director
WA CRE #124640
206.484.8114
[email protected]
DAVID SORENSEN
Managing Director
WA CRE #26603
206.801.3102
[email protected]
PETER DUDUNAKIS
Associate Director
WA CRE #24008898
206.795.4169
[email protected]
Mortgage Bankers
ROBERT DOXSEE
Managing Director
425.777.0235
[email protected]
MICHAEL MANOLIDES
Senior Director
253.670.2143
[email protected]
CONNOR LEMLEY
Associate Director
206.455.1592
[email protected]
Bellevue Office
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
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