Institutional Property Advisors Closes Suburban Seattle Apartment Property Sale
November 21, 2024
KENMORE, Wash., Nov. 21, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Heron View, a 72-unit apartment property in Kenmore, Washington. The asset traded for $19,875,000, or $276,042 per unit.
“An exceptionally well-located community that benefits from proximity to all the employment drivers of Eastside and Seattle, Heron View presents the purchaser with a well-kept 80’s asset with a straightforward value-add execution,” said Philip Assouad, IPA executive director. Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Weidner Apartment Homes, and procured the buyer, Wright Investment Properties LLC.
The city of Kenmore is at the north end of Lake Washington, a short drive from employment centers in Bothell, Downtown Seattle, Downtown Bellevue, and the Eastside. Heron View is off State Route 522 and easily accessible from Interstate 5 and Interstate 405. Microsoft’s 500-acre global headquarters is 20 minutes from the property.
Built in 1987, Heron View has three residential buildings and a leasing office that surround a central parking lot. The unit mix of one- and two-bedroom homes averages 797 square feet. Apartments have original finishes with white appliances, laminate countertops, washer/dryers, and wood-burning fireplaces.
“An exceptionally well-located community that benefits from proximity to all the employment drivers of Eastside and Seattle, Heron View presents the purchaser with a well-kept 80’s asset with a straightforward value-add execution,” said Philip Assouad, IPA executive director. Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Weidner Apartment Homes, and procured the buyer, Wright Investment Properties LLC.
The city of Kenmore is at the north end of Lake Washington, a short drive from employment centers in Bothell, Downtown Seattle, Downtown Bellevue, and the Eastside. Heron View is off State Route 522 and easily accessible from Interstate 5 and Interstate 405. Microsoft’s 500-acre global headquarters is 20 minutes from the property.
Built in 1987, Heron View has three residential buildings and a leasing office that surround a central parking lot. The unit mix of one- and two-bedroom homes averages 797 square feet. Apartments have original finishes with white appliances, laminate countertops, washer/dryers, and wood-burning fireplaces.
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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.