Institutional Property Advisors Closes Suburban Seattle Multifamily Asset Sale
August 19, 2026
RENTON, Wash., Aug. 19, 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 Cascadia at Fairwood Landing, a 195-unit multifamily asset in the Fairwood neighborhood of Renton, Washington. The asset traded for $47.5 million, or $244,845 per unit.
“Built in 1981 and renovated in 2025, the property is located in one of the region’s fastest-growing submarkets, driven by families seeking a balance of connectivity, lifestyle, and relative affordability,” said Giovanni Napoli, IPA executive managing director investments. “Previous ownership invested significant capital into the asset throughout their hold, including all new roofs and windows, a full exterior repaint, extensive landscaping upgrades, a newly renovated clubhouse, added outdoor amenities, updated property-wide signage, and high-quality interior renovations in approximately 75% of units.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Anthony Palladino and Nicholas Ruggiero represented the seller, Sack Capital Partners, and procured the buyer, Bridge Partners.
Nearby Washington State Route 169/The Maple Valley Highway and Washington State Route 515 give residents direct connectivity to Interstate 405 near its junction with Interstate 5, which leads to employment centers such as Bellevue, Seattle, and Kent Valley. Three retail centers with a mix of dining, shopping, and everyday services are directly across the street. Employers in the surrounding area include Amazon, Boeing, Paccar, T-Mobile, and Valley Medical Center.
Cascadia at Fairwood Landing is a two- and three-story garden-style property with 15 residential buildings, a seasonal outdoor swimming pool, fitness center, and a new outdoor pagoda with barbecue stations and seating. The unit mix of one-, two- and four-bedroom apartments averages 795 square feet. Every unit has a full-size washer and dryer and most have wood-burning fireplaces.
“Built in 1981 and renovated in 2025, the property is located in one of the region’s fastest-growing submarkets, driven by families seeking a balance of connectivity, lifestyle, and relative affordability,” said Giovanni Napoli, IPA executive managing director investments. “Previous ownership invested significant capital into the asset throughout their hold, including all new roofs and windows, a full exterior repaint, extensive landscaping upgrades, a newly renovated clubhouse, added outdoor amenities, updated property-wide signage, and high-quality interior renovations in approximately 75% of units.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Anthony Palladino and Nicholas Ruggiero represented the seller, Sack Capital Partners, and procured the buyer, Bridge Partners.
Nearby Washington State Route 169/The Maple Valley Highway and Washington State Route 515 give residents direct connectivity to Interstate 405 near its junction with Interstate 5, which leads to employment centers such as Bellevue, Seattle, and Kent Valley. Three retail centers with a mix of dining, shopping, and everyday services are directly across the street. Employers in the surrounding area include Amazon, Boeing, Paccar, T-Mobile, and Valley Medical Center.
Cascadia at Fairwood Landing is a two- and three-story garden-style property with 15 residential buildings, a seasonal outdoor swimming pool, fitness center, and a new outdoor pagoda with barbecue stations and seating. The unit mix of one-, two- and four-bedroom apartments averages 795 square feet. Every unit has a full-size washer and dryer and most have wood-burning fireplaces.
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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.