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April 15, 2024
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Multifamily Property in Seattle’s Ballard Neighborhood Trades in $53 Mil Deal


Keelson Ballard, a 106-unit apartment building in Seattle’s Ballard neighborhood, sold for $53.6 mil, or $505.7k per unit. The property, located at 1537 NW 56th St, was sold by Seattle-based FA Johnson Development and Pryde Development.

Built in 2017, Keelson Ballard features a mix of one- and two-bedroom units outfitted with high-end finishes. Residents enjoy access to amenities like a rooftop plaza and 24-hour gym facility, as well as underground parking. The building’s location also provides excellent proximity to jobs in South Lake Union and downtown Seattle, and to Ballard’s renowned offering of dining and entertainment options.

Available supply of institutional grade assets remains low in the Ballard submarket. Keelson Ballard is one of only five significant transactions to occur in the submarket over the past five years. With Seattle’s market recovery from the COVID-19 pandemic well underway, demand for assets in and near the city’s urban core has experienced a significant increase and is expected to continue growing as investors look to capitalize on migration and job growth in the region.

Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper with Colliers represented the unnamed buyer and sourced the opportunity off-market directly from the sellers.

“This was an excellent transaction for both parties, as opportunities to acquire institutional assets in Ballard are rare,” said Wayne. “Keelson is positioned to perform exceedingly well. The Ballard submarket has demonstrated consistent demand and rent growth throughout the pandemic. Vacancy currently sits at 3.3% and rents are up 13% year-over-year.”

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