Institutional Property Advisors Closes Two-Property Multifamily Asset Sale in Seattle MSA
July 03, 2025
TACOMA, Wash., July 2, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Sienna and Sienna Park, two multifamily properties located adjacent to one another with a total of 248 units just outside Tacoma, Washington. The $43 million sales price equates to $173,387 per door, combined.
“The properties are well-maintained assets that have had ample capital reinvested into them over the years,” said Ryan Harmon, IPA director. “The units feature a blend of renovated and classic finishes, creating a light value-add investment opportunity for the buyer.” Harmon and IPA’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Anthony Palladino represented the seller, Goodman Real Estate and procured the buyer, Interstate Equities Corporation.
Located in unincorporated Pierce County just outside the Tacoma city limits, the properties are easily accessible from Interstate 5 and State Route 512, which provide connections to some of the South Puget Sound’s largest employers, including Amazon, Boeing, CHI Franciscan Health, MultiCare, and the Port of Tacoma. Shopping and entertainment are nearby at Lakewood Towne Center and Tacoma Mall.
Built in 1986, Sienna is an 80-unit asset with eight residential buildings, two of which are townhomes. The unit mix of two- and three-bedroom homes averages 996 square feet. All units have washers and dryers, and decks or patios with storage closets.
Sienna Park is a 17-building property constructed in 1988. All units have private decks or patios with storage closets, wood-burning fireplaces, and full-size washers and dryers. The unit mix of one-, two- and three-bedroom apartments averages 960 square feet. The communities share an on-site leasing office and resident clubhouse, outdoor pool, fitness center, and standalone cabana available for resident lease.
“The properties are well-maintained assets that have had ample capital reinvested into them over the years,” said Ryan Harmon, IPA director. “The units feature a blend of renovated and classic finishes, creating a light value-add investment opportunity for the buyer.” Harmon and IPA’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Anthony Palladino represented the seller, Goodman Real Estate and procured the buyer, Interstate Equities Corporation.
Located in unincorporated Pierce County just outside the Tacoma city limits, the properties are easily accessible from Interstate 5 and State Route 512, which provide connections to some of the South Puget Sound’s largest employers, including Amazon, Boeing, CHI Franciscan Health, MultiCare, and the Port of Tacoma. Shopping and entertainment are nearby at Lakewood Towne Center and Tacoma Mall.
Built in 1986, Sienna is an 80-unit asset with eight residential buildings, two of which are townhomes. The unit mix of two- and three-bedroom homes averages 996 square feet. All units have washers and dryers, and decks or patios with storage closets.
Sienna Park is a 17-building property constructed in 1988. All units have private decks or patios with storage closets, wood-burning fireplaces, and full-size washers and dryers. The unit mix of one-, two- and three-bedroom apartments averages 960 square feet. The communities share an on-site leasing office and resident clubhouse, outdoor pool, fitness center, and standalone cabana available for resident lease.
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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.