Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Copper Ridge Apartments, a 325-unit multifamily property in Renton, Washington.
“Located in the Talbot Road submarket, which boasts some of the highest rents and home values in Renton, Copper Ridge is within walking distance of Valley Medical Center, the largest hospital in the South End, and a prominent cluster of medical offices,” said Giovanni Napoli, IPA executive director. “The presence of these significant economic drivers, coupled with the property’s proximity to Seattle, Bellevue, and Kent Valley, make this an attractive opportunity to execute a value-add strategy, supported by rental growth projections exceeding 6% over the next 12 months.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, SCS Development Company, and procured the buyer, Timberlane Partners.
The property is close to Puget Sound’s main freeways and arterials, including Interstates 405 and 5 and State Routes 167, 518, and 169. Completed in 1983 and 1985, Copper Ridge is a 34 two- and three-story residential building community with a clubhouse, heated swimming pool, three laundry facilities, and a children’s playground. The property’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units have wood-burning fireplaces, and all have private decks or balconies off the living rooms.
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.
