Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Briggs Village, a 72-unit apartment property in the 137-acre Briggs Village master-planned community in Olympia, Washington.
“This transaction allowed the seller to print a great result for their investors, and the long-term, below-market fixed-rate financing being assumed by the buyer is providing them with a very strong yield moving forward on an asset with excellent curb appeal,” said Ryan Harmon, IPA director. “Multifamily in the South Sound has performed extremely well over the past few years, and prospects look promising for that growth trend to continue.” Harmon and IPA’s Philip Assouad, Giovanni Napoli, Nick Ruggiero, and Anthony Palladino represented the buyer, Nearon Enterprises, and facilitated the transaction with the seller, Glencrest Group.
Constructed in 2019, Briggs Village is 10 minutes from the Washington State Capitol campus, and within walking distance of shopping and dining. Surrounded by nature, residents are connected to miles of walking trails and six kettle lakes. Downtown Olympia and the Craft District are less than 10 minutes away.
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.
