Institutional Property Advisors Closes Multifamily Asset Sale in Seattle
August 27, 2026
SEATTLE, Aug. 26, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Aperture on Fifth, a 106-unit multifamily asset in the Denny Triangle neighborhood of Downtown Seattle, Washington. The property sold for $32.25 million, or $304,245 per unit.
“Downtown Seattle continues to be a high barrier-to-entry submarket due to limited land availability, extensive City of Seattle entitlement timelines, and rising construction costs,” said Giovanni Napoli, IPA senior managing director investments. “Aperture on Fifth is a stabilized asset that presents the buyer with light value-add potential as all units retain their original finishes.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, PrivatePortfolio Group, and procured the buyer, Freestone Capital.
There are over 130,000 jobs within one mile of the property with employers such as Apple, Amazon, Expedia, the Gates Foundation, Google, Meta, and UW Medicine. Pike Place Market is nearby and Seattle Center, home to the Space Needle, the Climate Pledge Arena, the Museum of Pop Culture, and Pacific Science Center is in the immediate vicinity.
Aperture on Fifth’s community amenities include a central atrium courtyard, rooftop deck with full-size bocce ball court, a fitness center, bike storage, package lockers, pet wash area, and an underground parking garage. The unit mix is studios, one-, and two-bedroom apartments. All units have oversized windows and electric fireplaces. Many units have views of the Space Needle, Seattle Center, Lake Union, and the downtown skyline.
“Downtown Seattle continues to be a high barrier-to-entry submarket due to limited land availability, extensive City of Seattle entitlement timelines, and rising construction costs,” said Giovanni Napoli, IPA senior managing director investments. “Aperture on Fifth is a stabilized asset that presents the buyer with light value-add potential as all units retain their original finishes.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, PrivatePortfolio Group, and procured the buyer, Freestone Capital.
There are over 130,000 jobs within one mile of the property with employers such as Apple, Amazon, Expedia, the Gates Foundation, Google, Meta, and UW Medicine. Pike Place Market is nearby and Seattle Center, home to the Space Needle, the Climate Pledge Arena, the Museum of Pop Culture, and Pacific Science Center is in the immediate vicinity.
Aperture on Fifth’s community amenities include a central atrium courtyard, rooftop deck with full-size bocce ball court, a fitness center, bike storage, package lockers, pet wash area, and an underground parking garage. The unit mix is studios, one-, and two-bedroom apartments. All units have oversized windows and electric fireplaces. Many units have views of the Space Needle, Seattle Center, Lake Union, and the downtown skyline.
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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.