Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of the Pointe East Apartment Homes, a 124-unit multifamily asset in Fife, Washington. The property traded for $31.75 million, which equates to $256,048 per unit.
“Pointe East is a well-maintained asset with value-add and operational upside opportunities,” said Philip Assouad, IPA executive director. “The property straddles the boundaries of King and Pierce counties, making it a gateway to the region’s major employment hubs.” Assouad, IPA’s Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero represented the seller, OpenPath Investments LLC and procured the buyer, 11 Capital LLC.
Pointe East is located between Seattle and Tacoma with easy access to Interstate 5 and State Routes 167, 512, and 18. Residents have an approximately 20-minute commute to Downtown Tacoma and Kent Valley and there are over 1.3 million jobs within a 45-minute drive to employment hubs in Seattle, Bellevue, Renton, and Olympia. A new Sound Transit light rail station has been approved to be built within walking distance of Pointe East. The new station will connect residents to Downtown Tacoma, SeaTac Airport, Downtown Seattle, Downtown Bellevue, and Microsoft’s world headquarters in Redmond.
Built in 1986 on six-plus acres, Pointe East features a centrally located leasing office, fitness center, outdoor courtyard with barbecue areas, and a children’s’ playground. All apartments have wood-burning fireplaces, extra storage space, private decks or patios, and a walk-in closet or dual closets in the main bedroom. The unit mix includes 37 one-bedroom units and 87 two-bedroom apartments. The average unit size is 889 square feet.