Institutional Property Advisors Closes Eastside Seattle Multifamily Sale
September 17, 2025
BELLEVUE, Wash., Sept. 17, 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 Park Metro Apartments, a 78-unit multifamily property with over 2,500 square feet of street-level retail in Bellevue, Washington. The property sold for $33 million, or $423,077 per unit.
“This is the buyer’s second Eastside acquisition this year as they continue to expand their presence in one of Seattle’s most sought-after submarkets,” said Giovanni Napoli, IPA senior managing director investments. “Completed in 2014, the property is primed for a light-value add program.” Napoli and Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Northpoint Parkmetro LLC and procured the buyer, The Sobrato Organization.
The property is within walking distance of Downtown Bellevue and shopping at Bellevue Square. Interstate 405 is close by and employers in the vicinity include Amazon, Meta, Microsoft, and Overlake Medical.
Park Metro Apartments’ amenities include a resident lounge, rooftop terrace, fitness center, and electric vehicle charging stations. The community has a unit mix of studios, one- and two-bedroom apartments with hardwood floors, pantries, walk-in closets, and soaking tubs.
“This is the buyer’s second Eastside acquisition this year as they continue to expand their presence in one of Seattle’s most sought-after submarkets,” said Giovanni Napoli, IPA senior managing director investments. “Completed in 2014, the property is primed for a light-value add program.” Napoli and Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Northpoint Parkmetro LLC and procured the buyer, The Sobrato Organization.
The property is within walking distance of Downtown Bellevue and shopping at Bellevue Square. Interstate 405 is close by and employers in the vicinity include Amazon, Meta, Microsoft, and Overlake Medical.
Park Metro Apartments’ amenities include a resident lounge, rooftop terrace, fitness center, and electric vehicle charging stations. The community has a unit mix of studios, one- and two-bedroom apartments with hardwood floors, pantries, walk-in closets, and soaking tubs.
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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.