KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $72 million sale of The Groves Apartments, a multifamily property in Kent, a southern suburb of Seattle. RISE Properties sold the community to FPA Multifamily LLC for $196,721 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented both parties in the deal.
Built in 1980 on 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, a newly renovated clubhouse, an outdoor heated pool, a children’s playground and two dog parks. The property features 366 one-, two- and three-bedroom apartments with an average size of 836 square feet. Each apartment includes a private patio or balcony, while the two- and three-bedroom units feature fireplaces.