Institutional Property Advisors Closes $47.5 Million Sale of Cascadia at Fairwood Landing in Renton, Washington

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has closed the sale of Cascadia at Fairwood Landing, a 195-unit multifamily community in the Fairwood neighborhood of Renton, Washington, for $47.5 million, or $244,845 per unit. The transaction, announced Aug. 19, 2026, marks the disposition of a recently renovated suburban Seattle asset by seller Sack Capital Partners to buyer Black Bridge Partners.

Property Details and Renovation Scope

Cascadia at Fairwood Landing is located at 14121 SE 177th St in Renton's Fairwood neighborhood. The garden-style community was built in 1981 and underwent a substantial renovation program in 2025. The property comprises 15 residential buildings of two and three stories, with a total of 195 apartments averaging 795 square feet across one-, two-, and four-bedroom floor plans.

The 2025 renovation program included all new roofs and windows, a full exterior repaint, extensive landscaping upgrades, a newly renovated clubhouse, added outdoor amenities, updated property-wide signage, and high-quality interior renovations in approximately 75% of units. Every unit includes a full-size washer and dryer, and most units feature wood-burning fireplaces. Community amenities include a seasonal outdoor swimming pool, fitness center, and a new outdoor pagoda with barbecue stations and seating.

"Built in 1981 and renovated in 2025, the property is located in one of the region's fastest-growing submarkets, driven by families seeking a balance of connectivity, lifestyle, and relative affordability," said Giovanni Napoli, IPA executive managing director investments. "Previous ownership invested significant capital into the asset throughout their hold, including all new roofs and windows, a full exterior repaint, extensive landscaping upgrades, a newly renovated clubhouse, added outdoor amenities, updated property-wide signage, and high-quality interior renovations in approximately 75% of units."

Transaction Parties and Brokerage Team

The IPA brokerage team of Giovanni Napoli, Phil Assouad, Ryan Harmon, Anthony Palladino, and Nick Ruggiero represented the seller, Sack Capital Partners, and procured the buyer, Bridge Partners. Sack Capital Partners executed a full life-cycle business plan on the asset, investing in structural and aesthetic upgrades before exiting at institutional pricing. Bridge Partners acquires a property with a largely completed capital improvement program, positioned to generate stabilized cash flow.

Location and Submarket Fundamentals

Cascadia at Fairwood Landing benefits from direct access to Washington State Route 169, also known as the Maple Valley Highway, and Washington State Route 515, both of which connect residents to Interstate 405 near its junction with Interstate 5. Those corridors provide commuting access to employment centers in Bellevue, Seattle, and Kent Valley.

Major employers in the surrounding area include Amazon, Boeing, PACCAR, T-Mobile, and Valley Medical Center, representing exposure to technology, aerospace, manufacturing, wireless communications, and healthcare employment clusters. Three retail centers offering dining, shopping, and everyday services are located directly across the street from the property.

Market Context

The transaction reflects continued institutional capital activity in suburban Seattle submarkets, where household formation and relative affordability have supported rent growth and occupancy. The Fairwood submarket's connectivity to multiple major employment centers has made it a draw for families seeking access to Seattle and Eastside job markets at price points below closer-in neighborhoods.

Institutional Property Advisors is a division of Marcus & Millichap focused on acquisition, disposition, and financing of institutional properties and portfolios.

Sources

Institutional Property Advisors – Cascadia at Fairwood Landing Sale Announcement