Institutional Property Advisors Closes $61.6 Million Sale and Arranges Financing for Suburban Seattle Multifamily Asset
24 Maio 2023 - 9:50PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale and financing of
Artesia, a 192-unit apartment property in the Silver Lake
neighborhood of Everett, Washington. The asset traded for $61.6
million, or $320,833 per unit.
“Located across the street from Silver Lake, Artesia is a fully
renovated lakeside community providing residents with sweeping
views and resort-style amenities, including an expansive outdoor
deck that overlooks the lake and an indoor pool and sauna,” said
Giovanni Napoli, IPA executive director. “The acquisition provides
the new owner with a fully stabilized asset in the desirable
submarket of Silver Lake with strong market fundamentals.” Napoli
and IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero and
Anthony Palladino represented the seller, RISE Properties Trust and
procured the buyer, MG Properties. IPA Capital Markets team Brian
Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged
the acquisition financing.
Artesia is within walking distance of 35-acre Thornton A.
Sullivan Park and numerous restaurants. Costco, Trader Joe’s, WinCo
Foods, and Mariner Park and Ride are within a mile of the property.
Seattle’s downtown core, Eastside’s technology hub, and Boeing’s
main production facility in Everett are within a short commute via
nearby Interstate 5.
Constructed in 1990, Artesia’s unit interiors were updated
between 2018 and 2022, including new cabinetry, quartz countertops,
stainless steel appliances, tile fireplace surrounds and reclaimed
wood mantles. The average unit size is 914 square feet. Common
areas were extensively renovated and offer residents generous
indoor and outdoor amenities.
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/20230524005970/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
Marcus and Millichap (NYSE:MMI)
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