At a glance
- Institutional Property Advisors, the Marcus & Millichap division serving institutional clients, represented the seller and procured the buyer.
- The per-unit price undercuts a recent IPA-brokered trade in the same product type: Ascend at Black Canyon in North Phoenix, completed in 2024, sold for $58.7 million, or $225,769 a unit, as this publication reported.
- FPA Multifamily's September purchase was a 1,222-unit Alexandria, Va., complex for $250 million out of the Elme Communities liquidation.
FPA Multifamily has acquired The Groves Apartments, a 366-unit complex in Kent, Wash., for $72 million, or $196,721 a unit, IREI reported. The seller was RISE Properties.
Institutional Property Advisors, the Marcus & Millichap division serving institutional clients, represented the seller and procured the buyer. The 1980-vintage property sits on more than 20 acres and comprises 30 two- and three-story residential buildings. The one-, two- and three-bedroom units average 836 square feet. Amenities include a renovated clubhouse, a heated outdoor pool, a playground and two dog parks. The Kent Transit Center and the Sounder commuter rail are about two miles away.
The per-unit price undercuts a recent IPA-brokered trade in the same product type: Ascend at Black Canyon in North Phoenix, completed in 2024, sold for $58.7 million, or $225,769 a unit, as this publication reported.
FPA Multifamily's September purchase was a 1,222-unit Alexandria, Va., complex for $250 million out of the Elme Communities liquidation.
| Item | Detail |
|---|---|
| Buyer | FPA Multifamily |
| Seller | RISE Properties |
| Broker | Institutional Property Advisors (Marcus & Millichap) |
| Price / per unit | $72M / $196,721 |
| Units | 366 |
| Built | 1980 |
Reported by the Deals desk from IREI and Private Real Estate Daily archive. Published . Corrections