Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Park Metro Apartments, a 78-unit multifamily property with over 2,500 square feet of street-level retail in Bellevue, Washington.
“This is the buyer’s second Eastside acquisition this year as they continue to expand their presence in one of Seattle’s most sought-after submarkets,” said Giovanni Napoli, IPA senior managing director investments. “Completed in 2014, the property is primed for a light-value add program.” Napoli and Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Northpoint Parkmetro LLC and procured the buyer, The Sobrato Organization.
The property is within walking distance of Downtown Bellevue and shopping at Bellevue Square. Interstate 405 is close by and employers in the vicinity include Amazon, Meta, Microsoft, and Overlake Medical.
Park Metro Apartments’ amenities include a resident lounge, rooftop terrace, fitness center, and electric vehicle charging stations. The community has a unit mix of studios, one- and two-bedroom apartments with hardwood floors, pantries, walk-in closets, and soaking tubs.
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.
