Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the successful sale of two multifamily properties in Des Moines, Washington. The 66-unit Spinnaker Landing and 86-unit Regatta were sold for a combined $34.35 million, equating to $225,987 per unit.
According to IPA executive director Philip Assouad, the acquisition of these assets presents new ownership with clean properties that have potential for value-add opportunities and economies of scale due to their close proximity just one-half block apart. Assouad was joined by Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon,and Anthony Palladino from IPA in representing sellers Spinnaker Landing Apartments LLC and Regatta Apartments LLC while also securing a buyer who is based in Los Angeles.
Strategically located between Seattle and Tacoma,the two garden-style complexes are surrounded by office spaces as well as industrial flex space which includes notable establishments like the Federal Aviation Administration headquartersand Alaska Airlines.
This recent transaction marks another success story for IPA’s portfolio within Puget Sound region’s multifamily market.
