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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.
