Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
IPA Closes Two Puget Sound Multifamily Asset Sales
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of two multifamily assets in Des Moines, Washington. Spinnaker Landing, a 66-unit property built in 1987 and Regatta, an 86-unit asset constructed in 1983 traded for a combined $34.35 million, or $225,987 per unit.
“The acquisition of Spinnaker and Regatta gives new ownership two clean assets with value-add potential and the ability to capitalize on economies of scale given their locations just one-half block apart,” said IPA executive director Philip Assouad.
Assouad and IPA’s Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.
Centrally located between Seattle and Tacoma, the two garden-style assets are surrounded by office and industrial flex space that includes the headquarters of the Federal Aviation Administration and Alaska Airlines.
