FEDERAL WAY, Wash., Jan. 22,2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Silver Shadow, a 132-unit garden-style apartment complex in Federal Way, Washington. The property sold for $25.7 million, which represents $194,697 per unit.
“Located in one of the top apartment markets in the nation, Silver Shadow is poised to benefit from the region’s continued growth,” said Philip Assouad, IPA senior managing director. “The apartment homes feature classic and lightly renovated interior finishes and are ready for further improvements.” Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske of IPA represented the seller and procured the buyer.
Silver Shadow is situated along State Route 99 in Federal Way across the street from the Redondo Heights Park & Ride, with mass transit service to Tukwila, South King County, and downtown Seattle. A new Link light rail station that will begin service in 2024 is just blocks away. The property was built in 1989 on 5.4 acres.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.