Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Parkview, a 72-unit apartment property in the 137-acre Briggs Village master-planned community in Olympia, Washington.
“High historical occupancy, sustained operational success, and assumable HUD financing provided the buyer with an attractive ‘day-one’ cash yield and 30-plus years of term at a fantastic rate,” said Ryan Harmon, IPA vice president. Harmon and IPA’s Philip Assouad, Giovanni Napoli, Nick Ruggiero, and Anthony Palladino represented the seller and original developer, Amoroso Companies, and procured the buyer, Nearon Enterprises.
The Briggs Community YMCA, Starbucks, and Kettle View Park are within a short walk of the property. Downtown Olympia, the Washington State Capitol Campus, and the Craft District are less than 10 minutes away. Capitol Lake and Percival Landing are nearby.
Completed in 2012, Parkview at Briggs Village is a well-maintained property with excellent curb appeal. Carports and open stalls provide on-site parking. Community amenities include bike storage, a fenced dog run, and package lockers. Units feature nine-foot ceilings, electric fireplaces, and a private deck or patio.
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.
