AUBURN , Wash., Oct. 17, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap(NYSE: MMI), announced today the sale of Green River Village, a 146-unit apartment complex in Auburn, Washington. The property sold for $21 million, or $143,835 per unit. IPA Capital Markets arranged the financing.
“Green River Village attracts renters looking for apartment living in an outdoor-focused community with a small-town atmosphere and easy access to employment in Seattle and Tacoma,” said Sidney Warsinske, IPA vice president.
IPA’s Warsinske, Ryan Dinius, Philip Assouad and Giovanni Napoli represented the seller and procured the buyer, Green River Auburn LLC. Ray Allen, first vice president IPA Capital Markets and Seth Heikkila, vice president IPA Capital Markets, arranged the financing. The loan provided a structured bridge solution to fund 75% of both acquisition and planned renovations set to take place over the next 24-month loan term at a 5.25% interest-only rate of payment.
“We are thrilled that we could accommodate the client’s strategic vision with a loan that serves to add significant value to this asset for years to come,” commented Allen.
Completed in 1976 on 3.1 acres, the property is approximately three miles from Green River Community College and four miles from Auburn Station. Seattle-Tacoma International Airport is nearby and landmarks like Space Needle, Seattle City Center, and Olympic Sculpture Park are about 45 minutes from the property.
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.