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IPA Closes $80M Puget Sound MF Asset Sale

IPA Closes $80M Puget Sound MF Asset Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Waters Edge, a 304-unit multifamily asset located in The Lakes master-planned community in Kent, Washington. The property sold for $80 million, or $263,1258 per unit.

Napoli and IPA’s Philip Assouad, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the seller, Jackson Square Properties and procured the buyer, FPA Multifamily.

“Over the past decade, Kent’s population has grown by 40 percent, which is nearly three times that of Seattle MSA’s 14 percent population growth for the same period,” said IPA executive director Giovanni Napoli. “Continued population growth, along with the high cost of a single-family home in South King County, supports the multifamily market in Kent and, in particular, value-add assets like Waters Edge.”

The property is close to Seattle, Bellevue, Kent Valley, and SEA International Airport. The property’s one-, two-, and three-bedroom apartments average 879 square feet.


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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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