Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Alaire, a 357-unit multifamily property in Renton, Washington.
“Alaire is one of the premier garden assets in the region, offering an unparalleled amenities package and spacious floor plans averaging 1,070 square feet,” said Philip Assouad, IPA executive director.
“The sellers completed a high-end luxury renovation of the community with quartz countertops, undermount sinks, upgraded vinyl plank flooring in living areas and new millwork packages,” said Giovanni Napoli, IPA executive director. “The new owner was drawn to this trophy asset due to its exceptional quality and central location, providing easy access to major employment centers in Downtown Seattle, Bellevue, Kent Valley, and beyond.” Assouad, Napoli, and IPA’s Ryan Harmon, Nicholas Ruggiero, and Anthony Palladino represented the seller, RISE Properties and Tokyu Land, and procured the buyer, Greystar.
This premier institutional asset is situated on a sprawling 18-acre property and boasts a best-in-class amenities package, a superior physical plant, and well-designed floor plans. Shopping and dining are close by at The Landing in Renton and Westfield Southcenter Mall, the Pacific Northwest’s largest shopping mall. Employers in the immediate area include Microsoft, Boeing, Amazon, Alaska Airlines, Blue Origin, Valley Medical Center, and T-Mobile.
Alaire’s resort-style community amenity package features two clubhouses with outdoor heated pools, a state-of-the-art fitness center, outdoor barbecue areas, a full-size sports court, TV lounge and game room, sauna, and dog park. Unit finishes include white Shaker-style cabinets, stainless-steel appliances, and new lighting and plumbing fixtures. Select units have walk-in closets, laundry rooms or wood-burning fireplaces and top-floor apartments feature vaulted ceilings.
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.
Marcus & Millichap, Inc. (
