An entity affiliated with San Francisco-based FPA Multifamily has acquired The Atrium on James apartments in Kent for $60.5 million, or $201,667 per unit.

Institutional Property Advisors (IPA)‘s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero, and Anthony Palladino represented the seller, a Tenants in Common managed by Open House Westwood LLC, and procured the buyer.

The 22-building, 300-unit property is located at 6248 S. 242nd Place. FPA Multifamily purchased the asset on behalf of its Opportunity Fund VIII, which has acquired $1.5 billion of assets. “The buyer recognized the long-term fundamentals and robust economic drivers in our market and took the opportunity to expand their portfolio in the region,” said Giovanni Napoli, IPA executive director.

The property, developed in 1989, has a mix of one-, two- and three-bedroom units averaging 835 square feet. In 2023, FPA Multifamily bought Waters Edge, a 304-unit multifamily asset located in The Lakes master-planned community in Kent for $80 million.