Institutional Property Advisors Brokers Sale and Arranges Financing for Eastside Seattle Multifamily Asset
June 27 2023 - 3:15PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale and financing
of Aria, a 102-unit, transit-oriented, boutique multifamily
property with 2,161 square feet of retail space in Redmond,
Washington. The asset traded for $46.5 million.
“Aria is prominently located along 168th Avenue NE, just minutes
from Interstate 405 and Redmond’s downtown core,” said Philip
Assouad, IPA executive director. “The property is within a
three-minute walk of Redmond’s Central Connector Trail and the
Downtown Redmond light rail station, which is scheduled to open in
2025, giving commuters access to Downtown Bellevue, Downtown
Seattle, and SEA International Airport.” Assouad, with IPA’s
Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, Ryan Dinius, and
Sidney Warsinske, represented the seller, Aria Flats LLC, a
partnership of SR Investment Group, a Kirkland-based real estate
investment company; and Seattle-based developer Pastakia +
Associates. Assouad’s team procured the buyer, Pine Forest
Properties, and IPA Capital Markets’ Ray Allen arranged acquisition
financing.
Aria was constructed with high-end finishes throughout its unit
interiors and building façade. The property is located across the
street from Anderson Park, offering residents protected natural
views, and is within walking distance to several shops and
restaurants. Redmond is home to Microsoft’s world headquarters,
Nintendo of America’s headquarters and many other major employers,
including SpaceX and Oculus.
“With homes valued at upwards of $1 million, Redmond is one of
the region’s most sought-after suburbs,” said Napoli. “Aria
provides an affordable option for incoming residents who are
experiencing the continued widening of the homeownership
affordability gap.”
Aria’s open one-bedroom, traditional one-bedroom, and
two-bedroom homes average 731 square feet. Select homes have lofts
with views or are townhome floorplans offering private off-street
entrances. Community amenities include a sky lounge, a
state-of-the-art fitness center, and a rooftop deck with lush
landscaping, barbecue area, herb garden, and firepit seating.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230627886854/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
Marcus and Millichap (NYSE:MMI)
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