Interstate Equities Pays $28M for Suburban Seattle Asset
IPA represented the seller in the transaction.
Interstate Equities Corp. has acquired Augusta Glen, a 121-unit multifamily community in Lynwood, Wash., for $28.3 million. APIC Inc. sold the asset. Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the transaction.
Completed in 1991, the property comprises eight three-story buildings, which incorporate one-, two- and three-bedroom floorplans ranging from 715 to 1,130 square feet, according to Yardi Matrix data. Common-area amenities include a swimming pool, two laundry facilities, a fitness center and an on-site leasing office, along with 150 parking spaces.
Located at 4800 186th St. S.W., the 6.8-acre property is off Pacific Highway and close to Interstate 5. It is roughly 18 miles north of Seattle. Several retail and dining options are within walking distance.
IPA’s Executive Directors Philip Assouad and Giovanni Napoli, along with Associate Nicholas Ruggiero and Senior Associate Ryan Harmon represented the buyer in the transaction. Recently, members of the same team were part of the $47 million sale of another suburban Seattle property in Redmond, located some 20 miles from Augusta Glen.
Year-to-date through May, transaction volume in metro Seattle reached $266 million, representing an 84 percent drop from the $1.7 billion during the same period last year, a recent Yardi Matrix report shows.