REDMOND, Wash., Dec. 18, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Summit Apartments, a 96-unit multifamily asset in Redmond, Washington.
“The Summit is an excellent value-add opportunity located in one of the most sought-after submarkets on the Eastside,” said Philip Assouad, IPA senior managing director. “Major tech employers are expanding nearby, creating strong renter demographics and opportunities for future revenue growth.” Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske of IPA represented the seller, Coast Equity Partners, and procured the buyer.
Constructed in 1981 on just under four acres, The Summit is minutes from Redmond’s downtown, Redmond Town Center, a mixed-use development and shopping center, and Marymoor Park. Highway 520 and Interstate 405 are within minutes and provide access to Microsoft, Amazon, Google, Facebook, and DigiPen.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.