Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Atrium on James, a 300-unit multifamily asset in Kent, Washington. The property sold for $60.5 million, or $201,667 per unit.
“Atrium on James is an institutional-quality asset with an attractive value-add investment strategy,” said Giovanni Napoli, IPA executive director. “The buyer recognized the long-term fundamentals and robust economic drivers in our market and took the opportunity to expand their portfolio in the region.” Napoli and IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller, a Tenants in Common managed by Open House Westwood LLC, and procured the buyer, FPA Multifamily LLC. FPA Multifamily LLC purchased the asset on behalf of its Opportunity Fund VIII, which has acquired $1.5 billion in assets.
Atrium on James has a large clubhouse, outdoor swimming pool, leasing office, resident lounge, business center, fitness center, playground, and a sports court. The complex’s one-, two- and three-bedroom homes average 835 square feet. All apartments feature wood-burning fireplaces, private decks or patios with storage closets, walk-in closets, and washers and dryers.
The property is a short drive from Downtown Seattle, Bellevue, and Eastside employment hubs. Kent Valley, Renton, and SEA International Airport are nearby and Kent Transit Center, which provides bus and rail access to Downtown Seattle, is within two miles. Kent Station, a 20-acre mixed-use development with open-air shopping, dining, and office space, is nearby.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), 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.
