Pine Forest Properties has acquired Aria, a 102-unit, transit-oriented, boutique multifamily property with 2,161 square feet of retail space in Redmond, Wash. Aria Flats, a partnership of SR Investment Group and developer Pastakia + Associates sold the property for $46.5 million.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction, arranged the financing and procured the buyer.
Aria was constructed with high-end finishes throughout its unit interiors and building façade. The property is located across the street from Anderson Park, offering residents protected natural views, and is within walking distance of several shops and restaurants. Redmond is home to Microsoft’s world headquarters, Nintendo of America’s headquarters and many other major employers, including SpaceX and Oculus.
Aria’s open one-bedroom, traditional one-bedroom and two-bedroom homes average 731 square feet. Select homes have lofts with vie
