Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently finalized the sale of Waters Edge, a 304-unit multifamily property situated in The Lakes master-planned community in Kent, Washington. The transaction was valued at $80 million or $263,125 per unit.
The seller Jackson Square Properties was represented by Napoli and IPA’s team consisting of Philip Assouad, Nicholas Ruggiero, Ryan Harmon and Anthony Palladino. FPA Multifamily acted as the buyer.
According to Giovanni Napoli who serves as executive director at IPA,”Kent has experienced a remarkable population growth rate of 40% over the last decade which is three times higher than Seattle MSA’s growth rate of 14% during the same period.” He further added that this trend along with high home prices in South King County supports Kent’s multifamily market and specifically value-add properties like Waters Edge.
Waters Edge is strategically located near major cities such as Seattle and Bellevue along with key areas like Kent Valley and SEA International Airport. Its one-, two- ,and three-bedroom apartments have an average size of 879 square feet.
This article originally appeared on Connect CRE.
