Institutional Property Advisors Brokers $72 Million Puget Sound Multifamily Asset Sale
October 07, 2026
KENT, Wash., Oct. 7, 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 The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The $72 million sales price equates to $196,721 per unit.
"The Groves gives the buyer a compelling opportunity to build on an established renovation program,” said Philip Assouad, IPA executive managing director. “Since acquiring the asset in 2019, the seller modernized approximately 68% of the units and upgraded community amenities and common areas, enhancing the resident experience while leaving room for further improvements.” Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, RISE Properties, and procured the buyer, FPA Multifamily, LLC.
The property’s connectivity to Interstates 5 and 405 and State Routes 167, 181, 509, and
516 provides residents with convenient access to Downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle-Tacoma International Airport. The Kent Transit Center and Sounder commuter train, which provide bus and rail service to Downtown Seattle, are approximately two miles from the property. Kent Station, a 20-acre open-air mixed-use development with shopping, dining, entertainment, and office space, is nearby.
Built in 1980 on over 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, a newly renovated clubhouse, an outdoor heated swimming pool, a children’s playground, and two dog parks. The property offers one-, two- and three-bedroom apartments with an average unit size of 836 square feet. Each apartment has a private patio or balcony, while the two- and three-bedroom units feature fireplaces.
"The Groves gives the buyer a compelling opportunity to build on an established renovation program,” said Philip Assouad, IPA executive managing director. “Since acquiring the asset in 2019, the seller modernized approximately 68% of the units and upgraded community amenities and common areas, enhancing the resident experience while leaving room for further improvements.” Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, RISE Properties, and procured the buyer, FPA Multifamily, LLC.
The property’s connectivity to Interstates 5 and 405 and State Routes 167, 181, 509, and
516 provides residents with convenient access to Downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle-Tacoma International Airport. The Kent Transit Center and Sounder commuter train, which provide bus and rail service to Downtown Seattle, are approximately two miles from the property. Kent Station, a 20-acre open-air mixed-use development with shopping, dining, entertainment, and office space, is nearby.
Built in 1980 on over 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, a newly renovated clubhouse, an outdoor heated swimming pool, a children’s playground, and two dog parks. The property offers one-, two- and three-bedroom apartments with an average unit size of 836 square feet. Each apartment has a private patio or balcony, while the two- and three-bedroom units feature 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.