Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The $72 million sales price equates to $196,721 per unit. The property was built in 1980 on more than 20 acres and comprises 30 two- and three-story residential buildings plus a newly renovated clubhouse.
IPA's Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, RISE Properties, and procured the buyer, FPA Multifamily, LLC. Assouad said the seller had modernized approximately 68% of the units and upgraded community amenities and common areas since acquiring the asset in 2019, leaving room for further improvements. The property's access to Interstates 5 and 405 and State Routes 167, 181, 509, and 516 provides connectivity to Downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle-Tacoma International Airport.
The transaction suggests continued investor demand for value-add multifamily assets in the Puget Sound region, particularly properties with an established renovation track record and remaining upside. The per-unit price of $196,721 reflects a deal sized for institutional buyers, though the dossier does not provide capitalization rates, occupancy, or rent levels to assess relative valuation.
What remains unknown is the buyer's planned capital program, the property's current financial performance, and whether the sale included any financing assumptions or concessions. The single-source report also does not disclose the closing date or whether the renovation program will continue under FPA Multifamily's ownership.