Seattle Community Changes Hands for $47M

The suburban property came online in 2021.

Aria. Image courtesy of Institutional Property Advisors

Aria. Image courtesy of Institutional Property Advisors

Pine Forest Properties has purchased Aria, a 102-unit boutique multifamily community in Redmond, Wash. A partnership of SR Investment Group and developer Pastakia + Associates sold the property for $46.5 million.

Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction, arranged the financing and procured the buyer. Executive Director Philip Assouad led the IPA team representing the seller, which included Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, Ryan Dinius and Sidney Warsinske. IPA Capital Markets’ Ray Allen arranged the acquisition financing.

The property comprises 10 affordable units designated for low-income housing and is LEED Silver certified, according the Yardi Matrix data.

Built in 2021, the seven-story building incorporates one- and two-bedroom floorplans ranging between 536 and 1,186 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a sky lounge, a rooftop deck and barbeque areas. The property also features 2,161 square feet of retail space on the ground floor, electric charging stations, controlled access and approximately 101 parking spaces.

Located at 7705 168th Ave. in Seattle’s Redmond submarket, the community is across the street from Anderson Park. The transit-oriented community is situated within walking distance of Redmond’s Central Connector Trail and the Downtown Redmond light rail station, providing access to downtown Bellevue, downtown Seattle and SEA International Airport.

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