Washington

BELLEVUE, WASH. — The Sobrato Organization has acquired Park Metro Apartments in Bellevue, Washington, for $33 million. The seller was an entity doing business as Northpoint Parkmetro LLC that was represented in the deal by IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino. “Completed in 2014, the property is primed for a light-value add program,” said Napoli. Amenities at Park Metro include a resident lounge, a rooftop terrace, a fitness center and electric vehicle charging stations. The community offers 78 units in a mix of studios, …

SHORELINE, WASH. — The Simon Anderson multifamily team at Kidder Mathews has arranged a disposition and acquisition in the Seattle area. The buyer and seller was identified as John Stephanus, who is the president of Seattle-based Epic Asset Management. The four assets sold were Swiss Gables Apartments in Kent, Washington, 18 miles south of Seattle and Charbern Apartments, Stockbridge Apartments and Carolina Court Apartments, all of which are located around the Seattle metro. This portfolio totaled 215 units. The proceeds were used to acquire The Poshmark in Shoreline, 11 miles …

REDMOND, WASH. — AvalonBay (NYSE: AVB) has sold Archstone Redmond Lakeview Apartments, a 166-unit community in Redmond, 15 miles west of Seattle to TruAmerica. CBRE arranged the $63.3 million sale. Archstone Redmond Lakeview Apartments was built in 1987 on the Lake Sammamish waterfront. The property has one- and two-bedroom units with private patios, walk-in closets and fireplaces. It also has direct access to a private dock with 45 income-generating boat slips. Community amenities include a renovated clubhouse, fitness center, canoe parking, a pet area and an outdoor deck with views …

OLYMPIA, WASH. — Nearon Enterprises has acquired Briggs Village from Glencrest Group. The 72-unit property is located with the 137-acre Briggs Village master-planned community in Olympia that includes retail, office and residential uses. The sales price was not publicly disclosed. Institutional Property Advisor’s Ryan Harmon, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Anthony Palladino represented Nearon in the deal. Constructed in 2019, Briggs Village is three miles south of the Washington State Capitol campus and is connected to walking trails and six lakes.

SILVERDALE, WASH. — MLG Capital, a real estate investor based out of Brookfield, Wisconsin, has acquired Wellington Apartment Homes in Silverdale, about 35 miles west of Seattle. The transaction marks the buyer’s first acquisition in Washington state. The 240-unit, garden-style property offers a heated pool, a clubhouse, a fitness center and a dog park. During its hold period, MLG is planning interior and exterior renovations, including installing stainless steel appliances, granite countertops and other upgraded features in all units, as well as curb appeal and amenity improvements. MLG bought the …