OLYMPIA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment properties in Olympia. Hillsboro, Ore.-based Bender Equities sold the assets to FPA Multifamily for $43.7 million, or $154,417 per unit. Situated on more than 18 acres at 3000 Cardinal Drive NW, the adjacent properties include the 170-unit Evergreen Garden Apartments and the 113-unit Rock Maple Village Townhomes.
Built in 1973, Evergreen Garden Apartments features 18 two-story residential buildings with a mix of one-, two- and three-bedroom apartments, a standalone clubhouse, an open park area with a basketball court, fenced children’s playground and covered barbecue and picnic area. Completed in 2004, Rock Maple Village features a mix of one-, two- and three-bedroom layouts spread across 10 two-story residential buildings. Community amenities include a children’s playground and picnic area, a basketball court and a large open lawn.
Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal.