Institutional Property Advisors Completes Two Multifamily Sales in the South Puget Sound Region
October 12, 2026
OLYMPIA, Wash., Oct. 12, 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 170-unit Evergreen Garden Apartments and 113-unit Rock Maple Village Townhomes, two adjacent multifamily properties in Olympia, Washington. The properties sold for a total of $43.7 million, or $154,417 per unit.
“Both properties have been owned and professionally managed since completion by the original developer, a private family,” said Philip Assouad, IPA executive managing director investments. “The acquisition gives the buyer two multifamily assets with stable operations, steadily maintained occupancy, low bad debt, limited concessions and the opportunity to increase efficiency and implement upgrades to fuel revenue growth.” Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA, represented the seller, Bender Equities of Hillsboro, Oregon, and procured the buyer, FPA Multifamily.
The properties are located on over 18 acres at 3000 Cardinal Drive Northwest, adjacent to the 1,000-acre Evergreen Trail System. Interstate 5 and U.S. Route 101 are close by, and Evergreen State College, Downtown Olympia and Capital Mall are within a short drive. Major employers in Olympia include the State of Washington, Providence Health & Services, Walmart, and Deloitte.
Built in 1973, Evergreen Garden Apartments has 18 two-story residential buildings, a stand-alone clubhouse, mature trees and lush greenery. Community amenities include an open park area with a basketball court, fenced children’s playground, and a covered barbecue and picnic area. The unit mix of one-, two- and three-bedroom apartments averages 701 square feet.
Completed in 2004, Rock Maple Village has 10 two-story residential buildings, and eight four-plex townhome buildings with direct-access garages and private driveways. Among the community amenities are a children’s playground and picnic area, a basketball court, and a large open green lawn. The mix of one-bedroom apartments, one-bedroom lofts, and two- and three-bedroom townhome floor plans average 893 square feet.
“Both properties have been owned and professionally managed since completion by the original developer, a private family,” said Philip Assouad, IPA executive managing director investments. “The acquisition gives the buyer two multifamily assets with stable operations, steadily maintained occupancy, low bad debt, limited concessions and the opportunity to increase efficiency and implement upgrades to fuel revenue growth.” Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA, represented the seller, Bender Equities of Hillsboro, Oregon, and procured the buyer, FPA Multifamily.
The properties are located on over 18 acres at 3000 Cardinal Drive Northwest, adjacent to the 1,000-acre Evergreen Trail System. Interstate 5 and U.S. Route 101 are close by, and Evergreen State College, Downtown Olympia and Capital Mall are within a short drive. Major employers in Olympia include the State of Washington, Providence Health & Services, Walmart, and Deloitte.
Built in 1973, Evergreen Garden Apartments has 18 two-story residential buildings, a stand-alone clubhouse, mature trees and lush greenery. Community amenities include an open park area with a basketball court, fenced children’s playground, and a covered barbecue and picnic area. The unit mix of one-, two- and three-bedroom apartments averages 701 square feet.
Completed in 2004, Rock Maple Village has 10 two-story residential buildings, and eight four-plex townhome buildings with direct-access garages and private driveways. Among the community amenities are a children’s playground and picnic area, a basketball court, and a large open green lawn. The mix of one-bedroom apartments, one-bedroom lofts, and two- and three-bedroom townhome floor plans average 893 square feet.
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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.