Institutional Property Advisors Brokers $72 Million Sale of 366-Unit Groves Apartments in Kent, Washington

KENT, Wash. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) that serves the company's institutional clients, announced Oct. 7, 2026, the sale of The Groves Apartments, a 366-unit multifamily property in Kent, Washington. The $72 million sales price equates to $196,721 per unit. RISE Properties was the seller, and FPA Multifamily, LLC was the buyer.

Institutional Property Advisors Represents Seller, Procures Buyer

Institutional Property Advisors represented RISE Properties and procured the buyer, FPA Multifamily. The IPA team on the transaction included Philip Assouad, executive managing director, along with Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino.

"The Groves gives the buyer a compelling opportunity to build on an established renovation program," Assouad said. "Since acquiring the asset in 2019, the seller modernized approximately 68% of the units and upgraded community amenities and common areas, enhancing the resident experience while leaving room for further improvements."

Property Details: The Groves Apartments in Kent

The Groves Apartments is located at 10811 SE 239th Place in Kent, within the Puget Sound market. Built in 1980 on more than 20 acres, the community comprises 30 two- and three-story residential buildings.

The property offers one-, two- and three-bedroom apartments with an average unit size of 836 square feet. Each apartment has a private patio or balcony, and the two- and three-bedroom units feature fireplaces. Community amenities include a newly renovated clubhouse, an outdoor heated swimming pool, a children's playground and two dog parks.

Renovation Program Under RISE Properties

RISE Properties acquired the asset in 2019. Since then, approximately 68% of the units have been modernized, and the clubhouse and common areas have been upgraded. Based on the 366-unit total, roughly 117 units, or about 32% of the community, have not yet been modernized.

The sale reflects a common institutional multifamily approach in which an owner completes a portion of planned upgrades before selling, leaving additional renovation potential for the next owner. The property's 1980 construction date also means the buyer, FPA Multifamily, will take on an older asset that may require continued interior, exterior and systems work.

Location and Transportation Access

The Groves is connected to Interstates 5 and 405 and State Routes 167, 181, 509 and 516. These routes provide access to Downtown Seattle, Bellevue, Kent Valley, Renton and Seattle-Tacoma International Airport.

The Kent Transit Center and Sounder commuter train, which provide bus and rail service to Downtown Seattle, are approximately two miles from the property. Kent Station, a 20-acre open-air mixed-use development with shopping, dining, entertainment and office space, is nearby.

Transaction Context

At $72 million, the sale prices The Groves at $196,721 per unit. Based on 366 units at the reported 836-square-foot average, the community contains an estimated 305,976 square feet, which would put the price at roughly $235 per square foot. That figure is an estimate derived from the average unit size rather than a reported rentable-area total.

The transaction transfers a large suburban Seattle-area community, with a partially completed renovation program, from RISE Properties to FPA Multifamily.

About Institutional Property Advisors

Institutional Property Advisors is a division of Marcus & Millichap, a commercial real estate services firm in North America. IPA offers investment and capital markets expertise, technology and research for the acquisition, disposition and financing of institutional properties and portfolios.

Sources

• Institutional Property Advisors: Institutional Property Advisors Brokers $72 Million Puget Sound Multifamily Asset Sale