FEDERAL WAY, WASH. — Institutional Property Advisors (IPA) has arranged the sale and financing of Trellis, a 111-unit property in Federal Way. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million. Trellis was built in 1985 on 8.6 acres. The community offers 33 one- and two-story duplexes and fourplexes. Units come in two- and three-bedroom floor plans with an average size of 1,000 square feet.
IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant and Jake Vitta arranged $21.1 million of interest-only acquisition financing.