Institutional Property Advisors Negotiates $109 Million Suburban Seattle Multifamily Sale
06 Januar 2022 - 5:35PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap, Inc. (NYSE: MMI), announced today the sale of
Cerasa, a 154-unit apartment building in Bellevue, Washington. The
$109 million sales price equates to $707,792 per unit.
“Completed in 2019, Cerasa is one of the best executed
developments in the region. The property has a concrete and steel
panel design to reduce sound transmission and vibrations, and ample
community amenities, including a spacious residents’ clubhouse and
top floor penthouse units with 11-foot to 14-foot ceilings,” said
Philip Assouad, IPA executive director. “The property is blocks
from Bellevue’s affluent booming tech employment sector and a light
rail station that will open in 2023.” Assouad and IPA’s Giovanni
Napoli represented the seller, Evergreen Point Development, LLC and
procured the buyer, Virtu Investments. This is the second sale IPA
closed in Downtown Bellevue with the buyer in the past four
months.
Cerasa is in Downtown Bellevue, which is quickly becoming the
Pacific Northwest’s technology and employment hub, located close to
recreation, shopping, fine dining, nightlife, and Amazon’s 6
million square feet of office space. Bellevue’s future Grand
Connection park and plaza space is within blocks.
Apartments at Cerasa have high-end finishes, including imported
Italian cabinetry, slab quartz countertops and triple-pane
floor-to-ceiling windows. Select apartment homes have private
decks, terraces or Juliet balconies. Community amenities include a
resident lounge with fireplace, and a gated underground parking
garage with electric car charging stations.
About Institutional Property Advisors (IPA) Institutional
Property Advisors (IPA) is a division of Marcus & Millichap
(NYSE: MMI), a leading commercial real estate services firm in
North America. IPA’s combination of real estate investment and
capital markets expertise, industry-leading technology, and
acclaimed research offer customized solutions for the acquisition,
disposition and financing of institutional properties and
portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI) With over 2,000
investment sales and financing professionals located throughout the
United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed
8,954 transactions in 2020 with a value of approximately $43
billion. Marcus & Millichap has perfected a powerful system for
marketing properties that combines investment specialization, local
market expertise, the industry’s most comprehensive research,
state-of-the-art technology, and relationships with the largest
pool of qualified investors. To learn more, please visit:
www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220106005405/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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