Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of The Groves Apartments, a 366-unit multifamily community in Kent, Washington. The property traded for $72 million, which equates to a price of $196,721 per unit. The transaction underscores continued investor interest in larger suburban multifamily assets within the Puget Sound region.
According to IPA, the buyer sees The Groves as an opportunity to extend and enhance an existing renovation strategy at the property. Since acquiring the asset in 2019, the seller completed modernization of approximately 68% of the apartment homes and implemented upgrades to community amenities and common areas. These improvements were aimed at enhancing the resident experience while still leaving a portion of units and shared spaces available for future upgrades under new ownership.
The IPA team of Philip Assouad, executive managing director, along with Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino, represented the seller, RISE Properties, in the disposition. The same team also procured the buyer, FPA Multifamily, LLC, reflecting a fully brokered institutional trade on both sides of the transaction. IPA noted that the asset's established value-add program and remaining upside potential were key elements of the investment thesis.
The Groves Apartments was originally built in 1980 on a site of more than 20 acres. The community consists of 30 two- and three-story residential buildings, complemented by a newly renovated clubhouse that serves as a central amenity hub for residents. The scale of the property and the recent amenity upgrades position it as a sizable institutional-quality asset within the local multifamily market.
Location and connectivity are central to the property's appeal. The Groves offers direct access to Interstates 5 and 405, as well as State Routes 167, 181, 509, and 516. This transportation network provides residents with convenient commutes to employment and lifestyle centers across the region, including Downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle-Tacoma International Airport. The combination of regional connectivity, renovation momentum, and remaining value-add potential formed the backdrop for this $72 million Puget Sound multifamily sale.
