Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the partial interest sale of Maple Ridge, a 116-unit multifamily asset in Vancouver, Washington.
“The offering of Maple Ridge was met with exceptional demand, given its unique combination of long-term ownership, enduring physical characteristics, and clear value-add business plan,” said Anthony Palladino, IPA senior director. “All unit interiors have their original finishes, which gives the new ownership group the opportunity to implement blank-slate value-add improvements and reposition the common area amenity spaces.” Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, and Nick Ruggiero represented the seller and procured the incoming partner, Glencrest Group.
Built in 1995, Maple Ridge boasts a low-density site plan and a large average unit size of 1,025 square feet. All homes feature central air conditioning, gas fireplaces, and lofted ceilings on top floor units, which serve as a differentiator versus other 1990s-built product in the Vancouver submarket.
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.
