IPA Brokers $32M Sale of Fife Multifamily Property
11 Capital LLC has purchased the Pointe East Apartment Homes, a 124-unit multifamily community in the Tacoma, WA suburb of Fife, WA. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the $32 million sale representing the seller, OpenPath Investments, LLC.
“Pointe East is a well-maintained asset with value-add and operational upside opportunities,” said IPA’s Philip Assouad who arranged the deal along with the firm’s Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero. “The property straddles the boundaries of King and Pierce Counties, making it a gateway to the region’s major employment hubs.”
The 36-year-old property is situated on six-acres and consists of 37 one-bedroom units and 87 two-bedroom units, averaging 890 square feet. Community amenities include a leasing office, fitness center, outdoor courtyard and playground. Each unit also features a wood-burning fireplace and private deck or patio.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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