FPA Multifamily announced the acquisition of Atrium on James, a 300-unit multifamily asset in Kent, Wash. The property sold for $60.5 million, or $201,667 per unit. FPA Multifamily purchased the asset on behalf of its Opportunity Fund VIII.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a Tenants in Common managed by Open House Westwood, and procured the buyer.
Atrium on James was built in 1989 on 21.5 acres. Surrounded by greenspace, it is centrally located to Kent’s suburban amenities. The property has a large clubhouse, outdoor swimming pool, leasing office, resident lounge, business center, fitness center, playground and sports court. The complex’s one-, two- and three-bedroom homes average 835 square feet. All apartments feature wood-burning fireplaces, private decks or patios with storage closets, walk-in closets, and washers and dryers.
The property is a short drive from downtown Seattle, Bellevue and ot
