Institutional Property Advisors, a division of Marcus & Millichap, announced today the sale and financing of Trellis, a 111-unit apartment property in Federal Way, Washington. The asset traded for $32.4 million, or $291,892 per unit.
“Trellis is one of the more unique assets in South King County,” said IPA senior associate Ryan Harmon. “The low-density layout gives the property a single-family neighborhood feel, which should translate to outsized growth as homebuying continues to become less affordable.” Harmon and IPA’s Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller, CEP Multifamily, and procured the buyer, an investment fund sponsored by Prime Residential. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing.
Located 28 miles from Seattle and eight miles from Tacoma, the property is close to Interstate 5 and State Route 8, which gives residents a short commute to Downtown Seattle, the Eastside, Sea-Tac Airport, and Kent Valley. The Federal Way Transit Center and a future Link light rail station are five miles away.
Built in 1985 on 8.6 acres, Trellis has 33 one- and two-story duplexes and fourplexes. The unit mix is all two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers and dryers, and private decks or patios. Select homes have walk-in closets, laundry rooms, and private, fenced-in yards. The average unit size is over 1,000 square feet.
