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Institutional Property Advisors Brokers $72 Million Puget Sound Multifamily Asset Sale

MMI
  • Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the $72 million sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington.
  • The transaction price equates to $196,721 per unit for the seller, RISE Properties, represented by IPA executives Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, & Anthony Palladino.
  • The buyer, FPA Multifamily, LLC, will acquire an asset where 68% of units were modernized & community amenities upgraded since RISE Properties' 2019 acquisition.
  • The property offers convenient access to Interstates 5 & 405, State Routes 167, 181, 509, & 516, with proximity to Downtown Seattle, Bellevue, Renton, & Seattle-Tacoma International Airport.
  • Located approximately two miles from the Kent Transit Center & Sounder commuter train, the site is near Kent Station, a 20-acre mixed-use development.
  • Built in 1980 on over 20 acres, the complex includes 30 residential buildings, a renovated clubhouse, heated pool, playground, & two dog parks.
  • Units range from one to three bedrooms with an average size of 836 square feet, featuring private patios or balconies & fireplaces in larger units.
  • FPA Multifamily is a privately held firm with over $17 billion in assets under management & 40 years of experience in multifamily repositioning.
  • Marcus & Millichap reported closing 8,818 transactions totaling $50.8 billion in sales volume during 2025.