Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Sunrise Lane, a 131-unit multifamily property in Everett, Washington.
“Sunrise Lane presents an exceptional opportunity for the buyers to transform and modernize the units,” said Philip Assouad, IPA executive director. “Meticulously maintained by the previous long-term owner, the property is primed for a value-add repositioning with units in classic condition ready for a stylish upgrade. Although the community is smaller, it boasts a variety of common area amenities that can be renovated to significantly enhance the property’s overall value.” Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Weidner Apartment Homes, and procured the buyer.
Sunrise Laneis just off Interstate 5, near Interstate 405 and Highway 526. Downtown Seattle, Downtown Bellevue, and the Eastside Tech Corridor are all within convenient commutes. Built in 2000 on six acres, Sunrise Lane is a gated community with a large resident clubhouse, a swimming pool, spa, and barbecue areas. The unit mix of one-, two- and three-bedroom apartments average 1,020 square feet.
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.
