Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of two multifamily assets in Des Moines, Washington. Spinnaker Landing, a 66-unit property and Regatta, an 86-unit asset traded for a combined $34.35 million, or $225,987 per unit.
Spinnaker Landing was built in 1987 and Regatta was constructed in 1983. Both properties feature a clubhouse with pool, covered parking and garage, a fitness center, on-site laundry facilities, a playground, and is pet friendly. Most units feature fireplaces and washer/dryer hookups.
Centrally located between Seattle and Tacoma, the two garden-style assets are surrounded by office and industrial flex space. Headquarters of the FAA and Alaska Airlines are located nearby. They are a short drive from Downtown Des Moines’ waterfront and marina. Nearby State Route 99 and Interstate 5 provide easy access to the region’s major employment hubs.
“The acquisition of Spinnaker and Regatta gives new ownership two clean assets with value-add potential and the ability to capitalize on economies of scale given their locations just one-half block apart,” said IPA executive director Philip Assouad.
Assouad and IPA’s Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.