(Editor’s Note: King County property records show the buyer was an entity affiliated with Benedict Canyon Equities, a multifamily real estate investment company. The sellers were entities affiliated with Investment Property Group, a private real estate investment and management company based in Park City, Utah. The Regatta Apartments sold for $18.5 million, or approximately $215,116 per unit, and Spinnaker Landing sold for $15.9 million, or about $240,151 per unit.)
DES MOINES, Wash., Oct. 2, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two multifamily assets in Des Moines, Washington. Spinnaker Landing, a 66-unit property built in 1987 and Regatta, an 86-unit asset constructed in 1983 traded for a combined $34.35 million, or $225,987 per unit.
“The acquisition of Spinnaker and Regatta gives new ownership two clean assets with value-add potential and the ability to capitalize on economies of scale given their locations just one-half block apart,” said IPA executive director Philip Assouad. Assouad and IPA’s Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.
Centrally located between Seattle and Tacoma, the two garden-style assets are surrounded by office and industrial flex space that includes the headquarters of the Federal Aviation Administration (FAA) and Alaska Airlines. They are a short drive from Downtown Des Moines’ waterfront and marina. Nearby State Route 99 and Interstate 5 provide easy access to the region’s major employment hubs .
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
