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Marcus & Millichap unit sells 366-unit Kent, Washington apartment for $72M
The Groves Apartments was bought in 2019, with about 68% of units modernized before the sale, ConnectCRE reported.
Institutional Property Advisors, a division of Marcus & Millichap, announced it has sold The Groves Apartments, a 366-unit multifamily property in Kent, Washington.
The transaction price was $72 million, which works out to $196,721 per unit, according to ConnectCRE.
The seller, RISE Properties, modernized approximately 68% of the units after acquiring the asset in 2019, and upgraded community amenities and common areas, the outlet said.
ConnectCRE added that IPA’s Philip Assouad, along with Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino, represented the seller and the deal.