Institutional Property Advisors Brokers $72M Puget Sound MF Sale
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Washington office has been a leading conversion market in the cycle, with multiple downtown Class B assets entering office-to-residential programs in the last twelve months. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
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On the RET wire
- The 25th Washington story tracked on the wire in October 2026. All Washington coverage →
- Disclosed multifamily deal value tracked in October 2026: $2.4B across 35 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
Institutional Property Advisors (IPA) , a division of Marcus & Millichap , announced the sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The $72 million sales price equates to $196,…
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Related coverage — Washington · Multifamily
IPA Negotiates $72M Sale of Apartment Community in Kent, Washington
KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $72 million sale of The Groves Apartments, a multifamily property in Kent, a southern suburb of Seattle. RISE P…
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