Washington

EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million.  Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing. 

PUYALLUP, WASH. — Equus Capital Partners has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup.  Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage.  Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the upgrades in addition to managing the community.  The investment is being made on behalf of a programmatic joint venture between an affiliate of Equus and a public pension plan that is based in the U.S.

SEATTLE — Green Leaf Capital Partners has acquired the 96-unit Encore apartments in Seattle for $35.3 million.  The community is located in the Columbia City neighborhood, adjacent to the Columbia City Link light rail stop. It also contains 6,100 square feet of street-level retail.  Originally developed as high-end condominiums, the mixed-use building was completed in 2022.  Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors represented the seller, BDR Holdings LLC, and procured the buyer in this transaction. 

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. Barcelo Homes sold the 131-unit asset, which it completed development of earlier this year, for $35.4 million.  IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC.  The property offers a mix of studios, urban one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that is popular in the Pacific Northwest. It is a junior one-bedroom floor plan that often separates the bedroom area from the living area with a smaller wall or sliding door.  Amenities at Caesars Luxury Apartments include a rooftop deck with green space, a resident lounge, bike storage and maintenance room, and a parking garage with electric vehicle charging.

SPOKANE, WASH. — Marcus & Millichap has arranged the sale of a 17-unit apartment portfolio in Spokane. An unnamed buyer acquired the assets for $2.5 million.  The three-property portfolio is located at 212-218 W 7th Aven. and 45 E 8th Ave. Each of the apartment buildings are two-story, garden-style assets. Most of the units have been renovated with new floors, countertops, appliances and fixtures. The buyer intends to hold the property long term.  Georgie Christensen-Riley and Joshua C. Reynolds of Marcus & Millichap’s Portland office marketed the property on behalf of the undisclosed seller. Joel Deis assisted in securing the buyer.

SPOKANE, WASH. — A local investor has acquired the 39-unit Pioneer Pathway House Apartments in Spokane for $1 million.  The community is located at 224 S. Howard St. It is designated as a low-income, affordable housing complex. The majority of units are SRO (single-room occupancy), dorm-style, private living spaces with shared bathrooms.  Max Frame of the Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the seller. They were the only brokers involved in the transaction.