SEATTLE – Nov. 11, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two multifamily properties in the Seattle metropolitan area, Hacienda Apartments and North Haven Manor. Hacienda Apartments is a 36-unit asset in Everett that sold for $5.3 million and North Haven Manor is a 32-unit property in Edmonds that traded at $5.25 million.
“Located within one of the top multifamily markets in the nation, both assets give the new owner multiple avenues for adding value,” said Philip Assouad, IPA senior managing director. Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske represented the seller, a private investor, and procured the buyer, Curtis Capital Group. Ray Allen and Seth Heikkila of IPA secured the financing for Curtis Capital Group on both buildings.
Hacienda Apartments is a three-building community built in 1979 on 66,211 square feet near the intersection of Puget Sound’s main freeways, Interstates 5 and 405. The $635 million Waterfront Place development on the shores of Possession Sound in Everett is 10 minutes from the property. Scheduled for completion between 2020 and 2024. Waterfront Place will feature 447,500 square feet of office space, retail and dining options and a 142-room hotel. North Haven was built on 1.5 acres in 1977. The property is less than 10 minutes from the Edmonds commuter rail station and the Aurora Marketplace shopping center.
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.