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SEATTLE — Institutional Property Advisors (IPA) has arranged the sale of and financing for Urbana, a 289-unit, seven-story asset with 29,884 square feet of street-level retail in Seattle. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. The sales price was not disclosed, but local media reported it traded for approximately $121 million.
Built in 2014, the LEED Gold-certified Urbana has two rooftop decks, a resident lounge with a theater, a dog run and pet spa, bike storage and a gated parking garage. The retail tenant roster includes Verizon Wireless, Papa John’s, Five Guys and Planet Fitness.