Washington

KENT, WASH. — Institutional Properties Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Atrium on James, a multifamily property in Kent, midway between Seattle and Tacoma. A tenants-in-common group managed by Open House Westwood LLC sold the asset to FPA Multifamily LLC for $60.5 million, or $201,667 per unit. FPA Multifamily LLC purchased the property on behalf of its Opportunity Fund VII, which has acquired $1.5 billion of assets to date. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Built in 1989 on 21.5 acres, Atrium on James features 300 one-, two- and three-bedroom apartments, averaging 835 square feet with wood-burning fireplaces; private decks and patios with storage closets; walk-in closets; and washers and dryers. Community amenities include a large clubhouse, outdoor swimming pool, leasing office, resident lounge, business center, fitness center, playground and a sports court.

RENTON, WASH. — Sequoia Equities Inc. has completed the disposition of The Carriages at Fairwood Downs, a multifamily community in Renton, approximately 12 miles southeast of downtown Seattle. The price and buyer were not disclosed. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the sellers in the transaction. Built in 1988, The Carriages at Fairwood Downs features 37 residential buildings with 400 one-, two- and three-bedroom floor plans, averaging 1,093 square feet. Additionally, the property offers 196 townhomes. Onsite amenities include a swimming pool and spa; movie theater; cabana with barbecues and fire pits; dog park; sauna; fitness center; and resident clubhouse. The property is situated on 28.5 acres at 15030 SE 179th St.

BELLEVUE, WASH. — Veritas Investments Los Angeles (VILA) has purchased Bellefield Major, a multifamily property located in downtown Bellevue, for $16.1 million. VILA plans to make cosmetic upgrades to the value-add property, which has already undergone extensive interior and exterior renovations over the past decade. Dan Chhan, Tim McKay, San Wayne and Matt Kemper of Cushman & Wakefield represented the seller, a local family investor, in the transaction. Located at 1830 108th Ave. SE, Bellefield Manor features 44 apartments and is situated within a half-mile of the new Sound Transit South Bellevue light rail station, which is slated to open in spring 2025.