Institutional Property Advisors Brokers $72 Million Sale of The Groves Apartments in Kent, Washington
Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving institutional clients, has announced the $72 million sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The transaction represents a significant investment in the Puget Sound region’s multifamily housing market, with the property offering existing improvements and opportunities for further upgrades.
The sale price equates to approximately $196,721 per apartment unit. IPA executive managing director Philip Assouad, along with Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino, represented the seller, RISE Properties, and procured the buyer, FPA Multifamily, LLC.
The transaction highlights investor interest in multifamily properties with established renovation programs and potential for continued improvements. Since acquiring the property in 2019, RISE Properties has modernized a substantial portion of the apartments and invested in community amenities and shared spaces.
Renovation Program Creates Opportunities for Further Improvements
The Groves Apartments has undergone a renovation program intended to improve the quality of its residential units and enhance the overall living experience. According to IPA, approximately 68% of the apartments have been modernized since the seller acquired the property in 2019.
The improvements also include upgrades to community amenities and common areas. These investments have helped update the property while leaving additional opportunities for the new owner to continue enhancing the apartments and shared facilities.
Philip Assouad said the property offers the buyer an opportunity to build on the renovation work already completed. He noted that the seller’s investment in apartment interiors, amenities, and common spaces has improved the resident experience while preserving potential for further property enhancements.
For FPA Multifamily, the acquisition provides an established multifamily community with existing facilities, a range of apartment layouts, and access to major employment and transportation centers across the Puget Sound region.
The property’s size and existing amenities also provide a foundation for continued property management and future capital improvements, subject to the buyer’s plans.
Property Features 366 Apartments Across 20 Acres
Built in 1980, The Groves Apartments occupies more than 20 acres in Kent, Washington. The community consists of 30 residential buildings ranging from two to three stories, providing a substantial multifamily housing offering within the regional market.
The property includes 366 apartments with one-, two-, and three-bedroom floor plans. Units average approximately 836 square feet, offering a range of living arrangements for different household needs.
Each apartment features a private patio or balcony, providing residents with additional outdoor space. Two- and three-bedroom apartments also include fireplaces, adding another feature to the larger floor plans.
Community amenities include a newly renovated clubhouse, an outdoor heated swimming pool, a children’s playground, and two dog parks. These facilities provide shared spaces for recreation, relaxation, and resident activities.
The combination of residential layouts and outdoor amenities supports the property’s appeal to a broad range of renters. The existing clubhouse and recreational facilities also complement the apartment renovation program undertaken by the seller.
The 20-acre site and multi-building layout provide the property with a defined residential setting while maintaining access to Kent’s transportation infrastructure, commercial destinations, and employment centers.
Transportation Links Connect Residents Across Puget Sound
The Groves Apartments benefits from access to several major highways serving the Puget Sound region. Its location provides connections to Interstates 5 and 405, as well as State Routes 167, 181, 509, and 516.
These routes connect Kent with key destinations, including Downtown Seattle, Bellevue, the Kent Valley, Renton, and Seattle-Tacoma International Airport. The transportation network supports commuting and regional travel for residents working across different parts of the metropolitan area.
Public transportation is also available nearby. The Kent Transit Center and Sounder commuter train station are approximately two miles from the property. These facilities provide bus and rail connections, including commuter rail service to Downtown Seattle.
Access to public transportation can offer residents an alternative to driving, particularly for trips to major employment centers and other regional destinations. The property’s proximity to multiple highways also supports travel throughout the surrounding communities.
The combination of highway access and nearby transit facilities is an important location feature for a multifamily property serving residents with varied commuting needs.
Retail, Dining, and Entertainment Nearby
The property is also located near Kent Station, a 20-acre open-air mixed-use development offering shopping, dining, entertainment, and office space.
The nearby destination provides residents with access to retail stores, restaurants, and leisure activities without requiring travel to more distant commercial centers. Its office component also contributes to the area’s mix of business and consumer destinations.
Kent’s position within the wider Puget Sound region gives the community access to employment opportunities and services across multiple cities. Connectivity to Seattle, Bellevue, Renton, and the Kent Valley further broadens the range of destinations accessible from the property.
For multifamily investors, proximity to transportation, employment centers, and everyday amenities can be an important consideration when evaluating a property’s location and long-term market position.
IPA Facilitates the $72 Million Transaction
Institutional Property Advisors arranged the sale on behalf of RISE Properties and secured FPA Multifamily, LLC, as the buyer. The transaction was handled by Assouad and IPA team members Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino.
IPA operates as the institutional investment advisory division of Marcus & Millichap, providing services to institutional clients in the commercial real estate sector.
The $72 million transaction transfers ownership of a 366-unit multifamily community that combines an established residential footprint with completed renovations and potential for additional improvements.
With its location in Kent, extensive highway connections, nearby public transportation, and range of resident amenities, The Groves Apartments represents a multifamily asset within the broader Puget Sound housing market. The buyer will take ownership of a property where renovations have already modernized approximately two-thirds of the units, while further opportunities remain to enhance the community.
The sale underscores the role of established apartment communities in the regional investment market and demonstrates how property upgrades, amenities, and location can contribute to investor interest in multifamily real estate.
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