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 both built in the 1980s and sold for a combined total of $34.35 million, equating to an average price of $225,987 per unit.
According to IPA executive director Philip Assouad, who worked alongside Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon and Anthony Palladino on behalf of sellers Spinnaker Landing Apartments LLC and Regatta Apartments LLC: “The acquisition presents new ownership with two well-maintained assets that offer potential for value-add opportunities. Additionally,the close proximity between these properties allows for economies of scale.” The buyer was represented by a private owner based in Los Angeles.
Strategically located between Seattle and Tacoma,the garden-style complexes are situated near office buildings as well as industrial flex space which includes notable tenants such as Federal Aviation Administration headquartersand Alaska Airlines.
This recent transaction marks another success story from IPA’s portfolio within Puget Sound region’s multifamily market.
