Institutional Property Advisors Closes $61.6 Million Sale and Arranges Financing for Suburban Seattle Multifamily Asset
May 26, 2023
EVERETT, Wash., May 25, 2023-- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced the sale and financing of Artesia, a 192-unit apartment property in the Silver Lake neighborhood of Everett, Washington. The asset traded for $61.6 million, or $320,833 per unit.
"Located across the street from Silver Lake, Artesia is a fully renovated lakeside community providing residents with sweeping views and resort-style amenities, including an expansive outdoor deck that overlooks the lake and an indoor pool and sauna," said Giovanni Napoli, IPA executive director. "The acquisition provides the new owner with a fully stabilized asset in the desirable submarket of Silver Lake with strong market fundamentals." Napoli and IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller, RISE Properties Trust and procured the buyer, MG Properties. IPA Capital Markets team Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing.
Read the full story in Yahoo! Finance
"Located across the street from Silver Lake, Artesia is a fully renovated lakeside community providing residents with sweeping views and resort-style amenities, including an expansive outdoor deck that overlooks the lake and an indoor pool and sauna," said Giovanni Napoli, IPA executive director. "The acquisition provides the new owner with a fully stabilized asset in the desirable submarket of Silver Lake with strong market fundamentals." Napoli and IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller, RISE Properties Trust and procured the buyer, MG Properties. IPA Capital Markets team Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing.
Read the full story in Yahoo! Finance
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.