Institutional Property Advisors Closes Sale and Arranges Financing for Luxury Midrise Multifamily Asset in Seattle
May 20, 2025
SEATTLE, May 20, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of Urbana, a 289-unit, seven-story multifamily asset with 29,884 square feet of street-level retail in Seattle, Washington.
“Urbana is a LEED Gold Certified building located on half a city block in Ballard, one of Seattle’s most sought-after neighborhoods,” said Giovanni Napoli, IPA executive director. “Residents of Urbana have some of the city’s most popular restaurants, breweries, and nightlife at their doorstep and can easily access major employers such as UW Medicine, Amazon, Google, Meta, and the Bill & Melinda Gates Foundation. The property’s strategic location, sophisticated unit finishes, and outsized amenities deliver an elevated living experience to its residents.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing. “Executing the debt in such a tight timeframe required seamless collaboration between all parties,” said Chalfant. “Despite market volatility, we were able to secure highly attractive terms from the lender, which speaks to both the strength of the asset and the sponsor’s track record.”
The property is located at the intersection of Northwest Market Street and 15th Avenue Northwest, steps from the Ballard Farmer’s Market, Sabine Café & Bar, and the Tractor Tavern. The Salmon Bay waterfront, the Ballard Locks, and 87-acre Golden Gardens Park are nearby.
Built in 2014, Urbana has two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage, and a gated parking garage. Apartments have efficient layouts and open kitchens with thoughtfully curated interior finishes inspired by Ballard’s waterfront locale. The average unit size is 727 square feet. The retail tenant roster includes Verizon Wireless, Papa John’s, Five Guys, and Planet Fitness.
“Urbana is a LEED Gold Certified building located on half a city block in Ballard, one of Seattle’s most sought-after neighborhoods,” said Giovanni Napoli, IPA executive director. “Residents of Urbana have some of the city’s most popular restaurants, breweries, and nightlife at their doorstep and can easily access major employers such as UW Medicine, Amazon, Google, Meta, and the Bill & Melinda Gates Foundation. The property’s strategic location, sophisticated unit finishes, and outsized amenities deliver an elevated living experience to its residents.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing. “Executing the debt in such a tight timeframe required seamless collaboration between all parties,” said Chalfant. “Despite market volatility, we were able to secure highly attractive terms from the lender, which speaks to both the strength of the asset and the sponsor’s track record.”
The property is located at the intersection of Northwest Market Street and 15th Avenue Northwest, steps from the Ballard Farmer’s Market, Sabine Café & Bar, and the Tractor Tavern. The Salmon Bay waterfront, the Ballard Locks, and 87-acre Golden Gardens Park are nearby.
Built in 2014, Urbana has two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage, and a gated parking garage. Apartments have efficient layouts and open kitchens with thoughtfully curated interior finishes inspired by Ballard’s waterfront locale. The average unit size is 727 square feet. The retail tenant roster includes Verizon Wireless, Papa John’s, Five Guys, and Planet Fitness.
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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.