Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of Augusta Glen, a 121-unit multifamily asset in Lynwood, Washington. The property traded for $28.25 million, or $233,471 per unit and was represented by IPA’s Philip Assouad, Giovanni Napoli and Nicholas Ruggiero on behalf of the buyer Interstate Equities Corporation while APIC Inc. sold the asset.
The property is located at 4800 186th St SW in a suburban submarket within Seattle’s metropolitan area offering spacious one-, two- and three-bedroom homes averaging 925 square feet across 6.82 acres since its construction in 1991 .
Ryan Harmon , IPA senior associate commented “This transaction will be an excellent barometer for market activity as there have been few true value-add trades this year despite challenging conditions.”
