Interstate Equities Pays $43M for Seattle-Area Asset
The previous owner merged two properties into one 248-unit community.
Interstate Equities Corp. has purchased Sienna and Sienna Park, two adjacent multifamily communities in Tacoma, Wash., consisting of a total of 248 units. Goodman Real Estate sold the assets for a combined $43 million.
Institutional Property Advisors arranged the transaction on behalf of the seller and procured the buyer.
Goodman Real Estate acquired the 168-unit Sienna Park in 2003 from Pierce County Housing Authority for $7.1 million, according to Yardi Matrix information. Later in 2015, the company purchased the 80-unit Sienna, previously dubbed Ainsworth Court, from a private seller for $6.1 million and then subsequently merged the two properties, the same source shows.
Seattle saw $1.7 billion in multifamily investment sales in the first half of 2025, with 21 properties trading at an average of $376,882 per unit, according to Yardi Matrix data. Meanwhile, the metro recorded $2.1 billion in multifamily sales last year, with a per-unit price of $321,115.
Last month, Kennedy Wilson partnered with Kenedix Inc. and Hulic Co., Ltd., to acquire The Danforth, a 265-unit multifamily property in Seattle. The joint venture paid $173 million for the asset.
Two assets, one community in Tacoma
Completed in 1988, Sienna Park features 17 buildings enclosing apartments with one- to three-bedroom layouts, averaging 960 square feet. Built in 1986, Sienna encompasses eight residential buildings—two of which are townhomes—with two- and three-bedroom floorplans averaging 996 square feet. Shared amenities at the 12-acre community include an outdoor swimming pool, clubhouse, fitness center and on-site leasing office.
Located at 10710 17th Ave. S, the community is near the intersection of State Route 512 and Interstate 5, which provide connections to major employers in the area, such as Amazon, Boeing and the Port of Tacoma. Downtown Seattle is 40 miles north.
The IPA team included Directors Ryan Harmon and Nick Ruggiero, together with Senior Managing Directors Giovanni Napoli and Philip Assouad, and Senior Director Anthony Palladino.
