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11/26/25
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Borealis Apartments, a 53-unit property in Seattle, sold for $15.5 mil, or $292.5k/unit. Built in 2008, the property is located at 109 Dexter Ave, a few blocks from the Space Needle in the city’s South Lake Union neighborhood.
The property features spacious studio, one-bedroom, and two-bedroom layouts averaging 622 sf, with many units offering skyline views and abundant natural light. Residents have access to a community deck, secure parking, and on-site retail tenants Simply Dental and Oculus Eyecare.
Situated at the nexus of South Lake Union and downtown Seattle, the property benefits from unmatched walkability, immediate access to major tech and life science employers, and proximity to more than 200 restaurants, cafés, and retail destinations. Borealis is also steps from Amazon’s headquarters and a short walk to light rail, streetcar service, and waterfront amenities.
Borealis' affordability covenant expires in April 2028, creating a clear path for future income growth and repositioning opportunities.
Dylan Simon, Jerrid Anderson and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews represented the seller and sourced the buyer.
“This transaction reflects the strength of Seattle’s multifamily market,” said Simon. “South Lake Union remains one of the strongest demand centers in the region, supported by corporate return-to-office activity and limited new supply. Borealis offers both stable operations today and clear long-term upside.”
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