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Interstate Equities Corp Acquires MultiFamily Asset From Goodman Real Estate For $43 Million

Property Image
SOLD
$43,000,000
Nicholas (Nick) Ruggiero
Giovanni Napoli
+ 1

Washington

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MultiFamily
Sold 07/03/2025
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Property Image
SOLD

Interstate Equities Corp Acquires MultiFamily Asset From Goodman Real Estate For $43 Million

MultiFamily
Sold 07/03/2025
Nicholas (Nick) Ruggiero
Giovanni Napoli
+ 1
Contact now

Summary

Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in this transaction is a multi-family development located at 10710 17th Avenue Southwest & 10600-10724 16th Avenue South in Seattle, WA. It was sold for $43 million, equating to a price per unit of $173,387. The complex consists of 248 units constructed between 1986 and 1988, and it includes shared amenities such as a pool and fitness center.

Summary of transaction details:

The deal was facilitated by Institutional Property Advisors, a division of Marcus & Millichap, who marketed the properties. Goodman Real Estate completed the sale of Sienna and Sienna Park in Tacoma to Interstate Equities, confirming the transaction's completion.

Players

Philip Assouad
22 deals$952.3M volume
BROKER

Giovanni Napoli
Institutional Property Advisors
21 deals$902.2M volume
BROKER

Nicholas (Nick) Ruggiero
Institutional Property Advisors
22 deals$963.4M volume
BROKER

Anthony Palladino
Institutional Property Advisors
14 deals$685.9M volume(206) 826-5700
BROKER

Institutional Property Advisors
BROKERAGE


Details

SOLD
IMAGE: 07/03/2025 ADDRESS: 10710 17th Avenue Southwest & 10600-10724 16th Avenue South MARKET: Seattle, WA ASSET TYPE: MultiFamily BUYER: Interstate Equities Corp SELLER: Goodman Real Estate BROKERS: Giovanni Napoli, Philip Assouad, Nicholas (Nick) Ruggiero & Anthony Palladino - Institutional Property Advisors SALE PRICE: $43,000,000 UNITS: 248 ~ PPU: $173,387 NOTE: Goodman Real Estate sold Sienna and Sienna Park in Tacoma to Interstate Equities for $43 million, or $173K per unit, covering 248 units built between 1986 and 1988. The properties, featuring shared amenities like a pool and fitness center, were marketed by IPA, a Marcus & Millichap division.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

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