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The Breeze Way Apartments

34250 13th Ave NW, Federal Way, Washington 98029, US

Est. IRR


Est. Yield


Est. Equity Multiple


Key Stats

Last updated: December 14, 2022, 04:27 am

Est. IRR


Est. Yield


Est. Equity Multiple


Est. Hold Period

4 years

Est. Property Value


Year Built




Sq. Ft.




Debt LTV


Current Rent


Target Rent


Lot Size

5.83 acres

Asset Class (Multifamily)

A multifamily is any residential property containing more than one housing unit such as a duplex, triplex, quadplex, or an apartment building.


The Breeze Way with 110 units in Federal Way, Washington.

The Breeze Way is a multifamily apartment with 110 units across 12 buildings. It is located close to Northshore Village Shopping Center (0.1 mi), Twin Lakes Shopping Center (1.2 mi), and Dash Point State Park (2.7 mi).

This property sits on 5.83 acres of land with an average unit size of 921 square feet. The apartments were originally built in 1993 and were renovated in 2020, and include an indoor spa, outdoor swimming pool, and a fitness center.

Local schools include Enterprise Elementary School (1.1 mi) with a 5/10 rating, Illahee Middle School (1.4 mi) with a 6/10 rating, and Todd Beamer High School (2.3 mi) with a 4/10 rating. Nearby colleges include UW Tacoma (4.4 mi), Highline Community College (7.8 mi), and the University of Puget Sound (15.7 mi).

The largest employers in the area include the United States Postal Service (1.1 mi), St. Francis Hospital (1.8 mi), and DaVita (2.1 mi). Nearby Fortune 500 headquarters include Starbucks (20.6 mi), Weyerhaeuser (21.8 mi), and Expeditors International (22.3 mi).

The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.

5 Highlights about this deal:

  1. The property was purchased for $37.5 million.
  2. The goal is to increase the average current in-place rent of $1,731 per unit by $300 to $450 which is lower than the current market rates.
  3. All units will have high-speed internet, a fireplace, balconies, a washer/dryer, vaulted ceilings, and wooden flooring.
  4. The region has a stable job market with 400K+ employed directly in the private and public sectors.
  5. The property is adjacent to great retail amenities – a short drive to a large collection of restaurants and retailers.

Market Highlights

Closest School

Enterprise Elementary School

Enterprise Elementary School(1.1 mi)


Closest University

UW Tacoma

UW Tacoma(4.4 mi)


Closest Fortune 500 Headquarters


Starbucks(20.6 mi)

Industry: Food Services

Closest Employer

United States Postal Service

United States Postal Service(1.1 mi)

Industry: Postal Service

Local Employees: 654

Closest Transit

Convention Center/South 15th

Convention Center/South 15th(4.2 mi)


Closest Airport

Seattle-Tacoma International Airport

Seattle-Tacoma International Airport(11.6 mi)


On the Map

34250 13th Ave NW, Federal Way, Washington 98029, US

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