DES MOINES, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities in Des Moines. Spinnaker Landing and Regatta sold for a combined $34.3 million, or $225,987 per unit.
Philip Assouad, Giovanni Napoli, Nicholas Ruggiergo, Ryan Harmon and Anthony Palladino of IPA represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner, in the transaction.
Centrally located between Seattle and Tacoma, Wash., the two garden-style properties are surrounded by office and flex industrial space, including the headquarters of the Federal Aviation Administration and Alaska Airlines.
Built in 1987, Spinnaker Landing features 66 units, and Regatta, which was built in 1983, features 86 units.