Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Augusta Glen, a 121-unit multifamily asset in Lynwood, Washington. The property traded for $28.25 million, or $233,471 per unit.

Harmon and IPA’s Philip Assouad, Giovanni Napoli, and Nicholas Ruggiero represented the buyer, Interstate Equities Corporation. APIC Inc. sold the asset. The property is located at 4800 186th St. SW. in a suburban submarket in the Seattle MSA“The sale of Augusta Glen represents our team’s ability to execute even in this challenging environment,” said Ryan Harmon, IPA senior associate.

“There have not been many true value-add trades this year, so this transaction will be a good barometer for the market.” Constructed in 1991 on 6.82 acres, Augusta Glen is a low-density apartment community offering spacious one-, two- and three-bedroom homes averaging 925 square feet.