Institutional Property Advisors Brokers $72 Million Puget Sound Multifamily Asset Sale
Business Wire•07/10/2026•19:18 ET
2
Key Highlights
- ➤The Groves Apartments sold for $72 million in Kent, Washington
- ➤366-unit sale equated to $196,721 per unit
- ➤RISE Properties modernized approximately 68% of units since 2019
- ➤FPA Multifamily acquired the property from RISE Properties
- ➤Marcus & Millichap closed 8,818 transactions totaling $50.8 billion in 2025
Expert Statements
Philip Assouad, IPA executive managing director
“The Groves gives the buyer a compelling opportunity to build on an established renovation program.”
Philip Assouad, IPA executive managing director
“Since acquiring the asset in 2019, the seller modernized approximately 68% of the units and upgraded community amenities and common areas, enhancing the resident experience while leaving room for further improvements.”
Institutional Property Advisors Brokers $72 Million Puget Sound Multifamily Asset Sale
Institutional Property Advisors (IPA) (link) , a division of Marcus & Millichap (NYSE:MMI) (link) dedicated to serving the company’s institutional clients, announced today the sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The $72 million sales price equates to $196,721 per unit.
Get started
Create a free account to read the full story.