Institutional Property Advisors (IPA), a division of Marcus & Millichap, has successfully arranged the sale of Trellis Apartments, a multifamily property located in Federal Way. The asset was acquired by an investment fund sponsored by Prime Residential for $32.4 million, equating to $291,892 per unit.
The seller was represented by IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero who also procured the buyer for this transaction. In addition to this successful deal negotiation, Brian Eisendrath,Cameron Chalfant and Jake Vitta from IPA Capital Markets secured $21.1 million in interest-only acquisition financing for the buyer.Prime Residential is part of Prime Group which includes a commercial real estate lending arm.
Trellis Apartments were built on 8.6 acres in 1985 and consist of 33 one- and two-story duplexes as well as fourplexes.The community offers spacious two- and three-bedroom apartments with large windows allowing natural light into each unit.Additionally,the units feature wood-burning fireplaces,washers,dryers,and private decks or patios.
This recent sale marks another successful transaction completed by IPA,a leading player in the multifamily real estate market.
