FPA Multifamily Acquires Waters Edge Multifamily Property In Kent, WA

Waters Edge, a 304-unit multifamily property located at 6305 South 238th Place in Kent, Washington, has been sold for $80 million. The property is part of The Lakes master-planned community and was acquired by Sam Eisenman of FPA Multifamily. The seller, Suzzan Priest-Cabling of Jackson Square Properties, entrusted the deal to the broker team consisting of Anthony Palladino, Giovanni Napoli, Nicholas Ruggiero, Philip Assouad, and Ryan Harmon from Institutional Property Advisors (IPA), a division of Marcus & Millichap.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Units: 304
• Price per Unit: $263,158
• Buyer: Sam Eisenman - FPA Multifamily
• Seller: Suzzan Priest-Cabling - Jackson Square Properties
• Brokers: Anthony Palladino, Giovanni Napoli, Nicholas Ruggiero, Philip Assouad, and Ryan Harmon - Institutional Property Advisors

The sale of Waters Edge represents a significant transaction in the Kent, WA market. The involvement of Sam Eisenman and the broker team from Institutional Property Advisors further highlights the importance of this deal within the multifamily sector. The property's location in The Lakes master-planned community adds to its desirability and potential for future growth.