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6/19/26
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Seattle Social Housing Developer (SSHD), has purchased Elara at The Market, a 150-unit apartment community in downtown Seattle, for $60.9 mil ($406k/unit). SSHD is the public development authority created through the city’s voter-approved Initiative 135. The purchase marks the organization’s first-ever property acquisition.
The apartment community is located at 2134 Western Ave in the Belltown neighborhood, near Pike Place Market and the newly developed Waterfront Park. The LEED Gold-certified property features a mix of studio, one-bedroom, and two-bedroom apartment homes, each with a private patio or balcony.
Dylan Simon, Jerrid Anderson, and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily Team represented the seller and sourced the buyer through a full marketing process.
“Seattle’s urban core continues to command strong demand for well-located, high-quality multifamily, even as buyers underwrite more selectively in today’s market,” said Simon. “Downtown’s fundamentals—major employment centers, Pike Place Market, and the revitalized waterfront—make a LEED Gold-certified asset like Elara difficult to replicate.”
SSHD develops, owns, and maintains publicly owned, permanently affordable housing for residents earning between 0% and 120%+ of the area median income (AMI), filling a gap for households that earn too much to qualify for traditional subsidized housing but cannot afford rising market rents.
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