Institutional Property Advisors Brokers $80 Million Puget Sound Multifamily Asset Sale
October 05 2023 - 7:01PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Waters
Edge, a 304-unit multifamily asset located in The Lakes
master-planned community, consisting of high-end waterfront
single-family residences, condos, and apartments in Kent,
Washington. The property sold for $80 million, or $263,125 per
unit.
“Over the past decade, Kent’s population has grown by 40%, which
is nearly three times that of Seattle MSA’s 14% population growth
for the same period,” said IPA executive director Giovanni Napoli.
“Continued population growth, along with the high cost of a
single-family home in South King County, supports the multifamily
market in Kent, and in particular value-add assets like Waters
Edge.” Napoli and IPA’s Philip Assouad, Nicholas Ruggiero, Ryan
Harmon, and Anthony Palladino represented the seller, Jackson
Square Properties, and procured the buyer, FPA Multifamily.
The property’s central Puget Sound location places residents
close to Downtown Seattle, Downtown Bellevue, Eastside, Renton,
Kent Valley, and SEA International Airport. The Kent station of the
Sounder commuter rail network, providing bus and rail service to
Downtown Seattle, is within two miles of the property. Interstate
5, State Routes 167, 181, 509, and 516 are nearby.
Completed in 1987, Waters Edge is a low-density community with
meticulously maintained grounds and a private lake with walking
trail. The property has a recently updated central clubhouse with a
leasing office, lounge, and fitness center. Additional amenities
include a heated outdoor pool, walking trails, and a children’s
playground. The property’s one-, two-, and three-bedroom apartments
average 879 square feet. Select apartments have oversized laundry
rooms and wood-burning fireplaces with brick mantels.
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/20231005046021/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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