IPA Brokers Sale of West Seattle Asset

IPA’s Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske worked on behalf of the seller and procured the buyer.
Willowcrest. Image via Google Street View
Willowcrest Apartments. Image via Google Street View

Institutional Property Advisors, a Marcus & Millichap division, has secured the sale of Willowcrest, a 75-unit community in Seattle. Willowcrest Apartments LLC, associated with Investco, sold the asset for $18.8 million, or $251,000 per unit. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske represented the seller and procured the buyer, Raymond Capital Advisors.

Located at 2425 SW Webster St., on approximately 2 acres in West Seattle, the property provides convenient access to various entertainment and shopping venues including The Home Depot, EC Hughes Playground, Riverview Playfield, 7-Eleven and other dining options. Additionally, Seattle’s central district, Renton, as well as Seattle-Tacoma International Airport and Kent Valley are nearby.

Built in 1988, Willowcrest features a mix of one- and two-bedroom units averaging 780 square feet. In-unit amenities include a full-size washer and dryer, wood-burning fireplace and a private patio or balcony.

In another recent deal, IPA worked on behalf of both the seller and buyer for the acquisition of Bloom 24 for $17.2 million.

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