Institutional Property Advisors Brokers $60 Million Seattle Area Multifamily Asset Sale
January 23 2024 - 12:41PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Atrium on
James, a 300-unit multifamily asset in Kent, Washington. The
property sold for $60.5 million, or $201,667 per unit.
“Atrium on James is an institutional-quality asset with an
attractive value-add investment strategy,” said Giovanni Napoli,
IPA executive director. “The buyer recognized the long-term
fundamentals and robust economic drivers in our market and took the
opportunity to expand their portfolio in the region.” Napoli, and
IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero, and Anthony
Palladino represented the seller, a Tenants in Common managed by
Open House Westwood LLC, and procured the buyer, FPA Multifamily
LLC. FPA Multifamily LLC purchased the asset on behalf of its
Opportunity Fund VIII, which has acquired $1.5 billion of
assets.
Atrium on James was built in 1989 on 21.5 acres. Surrounded by
greenspace, it is centrally located to Kent’s suburban amenities.
The property has a large clubhouse, outdoor swimming pool, leasing
office, resident lounge, business center, fitness center,
playground, and a sports court. The complex’s one-, two- and
three-bedroom homes average 835 square feet. All apartments feature
wood-burning fireplaces, private decks or patios with storage
closets, walk-in closets, and washers and dryers.
The property is a short drive from Downtown Seattle, Bellevue,
and Eastside employment hubs. Kent Valley, Renton, and SEA
International Airport are nearby and Kent Transit Center, which
provides bus and rail access to Downtown Seattle, is within two
miles. Kent Station, a 20-acre mixed-use development with open-air
shopping, dining, and office space, is nearby.
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.
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 FPA Multifamily, LLC (FPA)
FPA Multifamily, LLC is a real estate operating company focused
on the acquisition, renovation and management of both core plus and
workforce housing apartment communities. Founded in 1985, FPA has
owned over 148,000 apartment units valued at over $23 billion. FPA
is currently investing through its value-add focused FPA Apartment
Opportunity Fund VIII which will acquire approximately $4.6 billion
of assets and its core-plus focused FPA Core Plus Fund VI which
will acquire approximately $2 billion of assets. Headquartered in
San Francisco, FPA also has offices in Atlanta, Chicago, Houston,
Irvine and Washington, D.C. For more information, please visit
www.fpamf.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240123487552/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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