Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale and financing of Urbana, a 289-unit, seven-story multifamily asset with 29,884 square feet of street-level retail in Seattle, Washington.
“Urbana is a LEED Gold Certified building located on half a city block in Ballard, one of Seattle’s most sought-after neighborhoods,” said Giovanni Napoli, IPA executive director. “Residents of Urbana have some of the city’s most popular restaurants, breweries, and nightlife at their doorstep and can easily access major employers such as UW Medicine, Amazon, Google, Meta, and the Bill & Melinda Gates Foundation. The property’s strategic location, sophisticated unit finishes, and outsized amenities deliver an elevated living experience to its residents.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing. “Executing the debt in such a tight timeframe required seamless collaboration between all parties,” said Chalfant. “Despite market volatility, we were able to secure highly attractive terms from the lender, which speaks to both the strength of the asset and the sponsor’s track record.”
Built in 2014, Urbana has two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage, and a gated parking garage. Apartments have efficient layouts and open kitchens with thoughtfully curated interior finishes inspired by Ballard’s waterfront locale. The average unit size is 727 square feet. The retail tenant roster includes Verizon Wireless, Papa John’s, Five Guys, and Planet Fitness.
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.
