IPA Arranges Seattle-Area Community Sale
- Oct 11, 2019
Marcus & Millichap’s Institutional Property Advisors (IPA) division has secured the sale of RedHill Pines, a 168-unit community in Kent, Wash. According to Yardi Matrix data, a private buyer acquired the asset for $34.4 million. IPA Capital Markets arranged a $23.4 million 10-year, fixed at 3.8 percent with a five-year interest-only acquisition loan.
Located at 9626 S. 252nd St., the garden-style property provides convenient access to downtown Tacoma, Kent Valley, Renton and various dining, shopping and entertainment venues, including Campus Park, Kent Hill Plaza Shopping Center, T.J. Maxx, Target, The Home Depot and Tudor Square Park. Additionally, downtown Seattle is approximately 21 miles away—with access to major employers such as Amazon, Facebook, Google, and Microsoft—and the Sea-Tac International Airport is about 13 miles away.
Built in two phases in 1980 and 1988, the 10 two- and three-story buildings feature a mix of studio, one-, two- and three-bedroom units ranging from 580 to 1,011 square feet. In-unit and common-area amenities include a swimming pool, on-site laundry facilities, 250 parking spaces, full-size washer/dryer, dishwasher and additional storage. RedHill Pines was 94.6 percent occupied as of August and had a $1,464 average rental rate as of September, Yardi Matrix data shows.
According to IPA’S senior managing director Philip Assouad the community was recently renovated. Assouad together with Senior Managing Director Giovanni Napoli, Vice Presidents Ryan Dinius and Sidney Warsinske, worked on behalf of the seller and procured the buyer. Ray Allen, first vice president IPA capital markets and Seth Heikkila, vice president IPA capital markets, arranged the financing with an agency lender.