TACOMA, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Sienna and Sienna Park, two adjacent properties with a total of 248 units just outside Tacoma. Interstate Equities Corp. acquired the assets for $43 million. Built in 1986 and 1988, the two Siennas create a value-add investment opportunity for Interstate Equities, according to Ryan Harmon, part of IPA’s team, which also included Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino. IPA represented the seller, Goodman Real Estate, in the transaction.
Sienna is an 80-unit asset with eight buildings. The unit mix of two- and three-bedroom homes averages 996 square feet. All units have washers and dryers and decks or patios with storage closets. Sienna Park is a 17-building property. All units have private decks or patios with storage closets, wood-burning fireplaces and washers and dryers. The communities share an on-site leasing office and resident clubhouse, outdoor pool, fitness center and standalone cabana available for resident lease.