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IPA Sells, Arranges Financing for Seattle MF Asset
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale and financing of Aria, a 102-unit boutique multifamily property in Redmond, Washington. The asset has 2,161 square feet of retail space and traded for $46.5 million.
Assouad, with IPA’s Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, Ryan Dinius, and Sidney Warsinske, represented the seller, Aria Flats LLC, a partnership of SR Investment Group, a Kirkland-based real estate investment company, and Seattle-based developer Pastakia + Associates. Assouad’s team procured the buyer, Pine Forest Properties, and IPA Capital Markets’ Ray Allen arranged acquisition financing.
“Aria is prominently located along 168th Avenue NE, just minutes from Interstate 405 and Redmond’s downtown core,” said Philip Assouad, IPA executive director. “The property is within a three-minute walk of Redmond’s Central Connector Trail and the Downtown Redmond light rail station, which is scheduled to open in 2025, giving commuters access to Downtown Bellevue, Downtown Seattle, and SEA International Airport.”
