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CA Investor Buys Kent Apartment Complex for Over $60M

An entity affiliated with San Francisco-based FPA Multifamily has acquired The Atrium on James apartments in Kent for $60.5 million, or $201,667 per unit.

Institutional Property Advisors (IPA)‘s Giovanni Napoli, 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.

The 22-building, 300-unit property is located at 6248 S. 242nd Place. FPA Multifamily purchased the asset on behalf of its Opportunity Fund VIII, which has acquired $1.5 billion of assets. β€œThe buyer recognized the long-term fundamentals and robust economic drivers in our market and took the opportunity to expand their portfolio in the region,” said Giovanni Napoli, IPA executive director.

The property, developed in 1989, has a mix of one-, two- and three-bedroom units averaging 835 square feet. In 2023, FPA Multifamily bought Waters Edge, a 304-unit multifamily asset located in The Lakes master-planned community in Kent for $80 million.


Inside The Story

FPA MultifamilyIPA

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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