IPA Brokers $69M Sale of Belltown Apartment Complex
Institutional Property Advisors (IPA), a division of Marcus & Millichap has negotiated the $69 million sale of 2900 on First, a 135-unit, mixed-use apartment community in the Belltown neighborhood of Seattle. IPA’s Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero represented the seller, AIMCO. The buyer was Bay Area-based Pacific Urban Residential.
“2900 on First is a unique asset in one of the most resilient multifamily markets in the nation,” said Assouad in a news release. “The area’s net-migration rate, education of its workforce and hourly earnings are rated among the highest in the nation’s largest metros.”
The property is composed of three connected, seven-story residential towers and a central stand-alone amenity building. The 14,700 square feet of ground floor retail space is occupied by a restaurant, spa, bakery, beauty store and pizza delivery service. The community is also located in close proximity to the Space Needle and Pike Place Market.
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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