Institutional Property Advisors Brokers Puget Sound Apartment Asset Sale
March 21, 2025
OLYMPIA, Wash., March 21, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Parkview, a 72-unit apartment property in the 137-acre Briggs Village master-planned community in Olympia, Washington.
“High historical occupancy, sustained operational success, and assumable HUD financing provided the buyer with an attractive ‘day-one’ cash yield and 30-plus years of term at a fantastic rate,” said Ryan Harmon, IPA vice president. Harmon and IPA’s Philip Assouad, Giovanni Napoli, Nick Ruggiero, and Anthony Palladino represented the seller and original developer, Amoroso Companies, and procured the buyer, Nearon Enterprises.
The Briggs Community YMCA, Starbucks, and Kettle View Park are within a short walk of the property. Downtown Olympia, the Washington State Capitol Campus, and the Craft District are less than 10 minutes away. Capitol Lake and Percival Landing are nearby.
Completed in 2012, Parkview is a well-maintained property with excellent curb appeal. Carports and open stalls provide on-site parking. Community amenities include bike storage, a fenced dog run, and package lockers. The unit mix is one-, two- and three-bedroom apartments with nine-foot ceilings, electric fireplaces, and a private deck or patio. The average unit size is 1,036 square feet.
“High historical occupancy, sustained operational success, and assumable HUD financing provided the buyer with an attractive ‘day-one’ cash yield and 30-plus years of term at a fantastic rate,” said Ryan Harmon, IPA vice president. Harmon and IPA’s Philip Assouad, Giovanni Napoli, Nick Ruggiero, and Anthony Palladino represented the seller and original developer, Amoroso Companies, and procured the buyer, Nearon Enterprises.
The Briggs Community YMCA, Starbucks, and Kettle View Park are within a short walk of the property. Downtown Olympia, the Washington State Capitol Campus, and the Craft District are less than 10 minutes away. Capitol Lake and Percival Landing are nearby.
Completed in 2012, Parkview is a well-maintained property with excellent curb appeal. Carports and open stalls provide on-site parking. Community amenities include bike storage, a fenced dog run, and package lockers. The unit mix is one-, two- and three-bedroom apartments with nine-foot ceilings, electric fireplaces, and a private deck or patio. The average unit size is 1,036 square feet.
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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.