Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced 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. Philip Assouad from IPA represented the seller – Aria Flats LLC – which is comprised of SR Investment Group (Kirkland-based real estate investment company) and Seattle-based developer Pastakia + Associates. The buyer was procured by Assouad’s team while IPA Capital Markets’ Ray Allen arranged acquisition financing for Pine Forest Properties.
Assouad commented on the prominent location along 168th Avenue NE near Interstate 405 with close proximity to Redmond’s downtown core: “The property is within a three-minute walk from Redmond’s Central Connector Trail as well as Downtown Redmond light rail station scheduled to open in 2025 offering commuters access to Downtown Bellevue, Downtown Seattle and SEA International Airport.”
