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IPA Brokers $31M Everett Multifamily Sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $31 million sale of Woodbrook, a 100-unit apartment property in Everett, WA. The firm’s Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero arranged the transaction on behalf of the seller. The buyer was Amoroso Companies.
“Located in one of the top multifamily markets in the nation, Woodbrook was owned and managed by the seller for 17 years. The acquisition gives the buyer an opportunity to take advantage of operational upside and implement a cosmetic value-add investment strategy,” said Assouad in a news release.
The property, located just off I-5 allowing easy access to Seattle’s downtown core, consists of eight, three-story residential buildings, one two-story townhome duplex, a central leasing office and clubhouse. The unit mix is one-, two- and three-bedroom apartment homes averaging 1000 square feet, with wood-burning fireplaces and private decks.
- ◦Sale/Acquisition
