IPA Brokers $43.7 Million Sale of Two Multifamily Communities in Olympia, Washington

Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently arranged the sale of two multifamily properties in Olympia, Washington. The transaction, valued at $43.7 million, involved the 170-unit Evergreen Garden Apartments and the 113-unit Rock Maple Village Townhomes. Hillsboro, Oregon-based Bender Equities sold the assets to FPA Multifamily. The sale price equates to approximately $154,417 per unit for the combined 283 units.

Located at 3000 Cardinal Drive NW on over 18 acres, the adjacent communities offer a mix of housing types. Evergreen Garden Apartments, constructed in 1973, comprises 18 two-story buildings with one-, two-, and three-bedroom units, alongside a clubhouse and recreational amenities. Rock Maple Village Townhomes, completed in 2004, features 10 two-story buildings with similar unit layouts and community amenities like playgrounds and a basketball court. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented both the seller and the buyer in this deal. This acquisition represents a significant investment in the South Puget Sound region's rental housing market.