KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit.
Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal.
Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.