Institutional Property Advisors Closes $43.7 Million Sale of Two Olympia Multifamily Properties

OLYMPIA, Wash. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced Oct. 12 the sale of two adjacent multifamily properties in Olympia, Washington, for a combined $43.7 million, or $154,417 per unit. Bender Equities of Hillsboro, Oregon, sold the 170-unit Evergreen Garden Apartments and the 113-unit Rock Maple Village Townhomes to FPA Multifamily.

IPA represented the seller and procured the buyer. The brokerage team consisted of Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino.

Transaction Details: Bender Equities Sells to FPA Multifamily

The two communities total 283 units and are located on more than 18 acres at 3000 Cardinal Drive Northwest in Olympia. At $43.7 million, the sale works out to a blended price of $154,417 per unit.

"Both properties have been owned and professionally managed since completion by the original developer, a private family," said Assouad, IPA executive managing director investments. "The acquisition gives the buyer two multifamily assets with stable operations, steadily maintained occupancy, low bad debt, limited concessions and the opportunity to increase efficiency and implement upgrades to fuel revenue growth."

Property Profiles: Evergreen Garden Apartments and Rock Maple Village

Built in 1973, Evergreen Garden Apartments comprises 18 two-story residential buildings and a stand-alone clubhouse, along with mature trees and landscaping. Community amenities include an open park area with a basketball court, a fenced children's playground, and a covered barbecue and picnic area. The unit mix of one-, two- and three-bedroom apartments averages 701 square feet.

Rock Maple Village Townhomes was completed in 2004 and includes 10 two-story residential buildings and eight four-plex townhome buildings with direct-access garages and private driveways. Amenities include a children's playground and picnic area, a basketball court and a large open green lawn. The unit mix of one-bedroom apartments, one-bedroom lofts, and two- and three-bedroom townhome floor plans averages 893 square feet.

Together, the properties pair an older apartment community with a newer, townhome-oriented asset on a shared campus.

Location and Access in Olympia

The properties are adjacent to the 1,000-acre Evergreen Trail System. Interstate 5 and U.S. Route 101 are nearby, and Evergreen State College, Downtown Olympia and Capital Mall are within a short drive. Major employers in Olympia include the State of Washington, Providence Health & Services, Walmart and Deloitte.

Market Context for the South Puget Sound Multifamily Sale

Marcus & Millichap reported that its first-quarter 2026 revenue rose 18.2% year over year to $171.5 million. Brokerage commissions increased 11.7% to $138.1 million, and financing fees climbed 48.1% to $26.8 million. The company said its institutional segment benefited as bid-ask spreads narrowed and lending conditions improved.

IPA also announced a separate sale in the Puget Sound region: a 366-unit multifamily asset in Kent, Washington, sold for $72 million, or $196,721 per unit. The Olympia portfolio's $154,417 per-unit price is lower than the Kent figure, though the assets differ in age, size and location, and the comparison does not account for rents, occupancy or renovations.

IPA is a division of Marcus & Millichap dedicated to serving the company's institutional clients, offering services for the acquisition, disposition and financing of institutional properties and portfolios.

Sources

• Institutional Property Advisors: Institutional Property Advisors Completes Two Multifamily Sales in the South Puget Sound Region