Institutional Property Advisors Brokers $72M Puget Sound MF Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The $72 million sales price equates to $196,721 per unit.

“The Groves gives the buyer a compelling opportunity to build on an established renovation program,” said Philip Assouad, IPA executive managing director. “Since acquiring the asset in 2019, the seller modernized approximately 68% of the units and upgraded community amenities and common areas, enhancing the resident experience while leaving room for further improvements.” Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, RISE Properties, and procured the buyer, FPA Multifamily, LLC.

The property’s connectivity to Interstates 5 and 405 and State Routes 167, 181, 509, and 516 provides convenient access to Downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle-Tacoma International Airport. Built in 1980 on over 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, and a newly renovated clubhouse.