Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Heron View, a 72-unit apartment property in Kenmore, Washington. The asset traded for $19,875,000, or $276,042 per unit.
“An exceptionally well-located community that benefits from proximity to all the employment drivers of Eastside and Seattle, Heron View presents the purchaser with a well-kept 80’s asset with a straightforward value-add execution,” said Philip Assouad, IPA executive director. Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Weidner Apartment Homes, and procured the buyer, Wright Investment Properties LLC.
The city of Kenmore is at the north end of Lake Washington, a short drive from employment centers in Bothell, Downtown Seattle, Downtown Bellevue, and the Eastside. Heron View is off State Route 522 and easily accessible from Interstate 5 and Interstate 405. Microsoft’s 500-acre global headquarters is 20 minutes from the property.
Built in 1987, Heron View has three residential buildings and a leasing office that surround a central parking lot. The unit mix of one- and two-bedroom homes averages 797 square feet. Apartments have original finishes with white appliances, laminate countertops, washer/dryers, and wood-burning fireplaces.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
