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June 24, 2024
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Two Res Communities Totaling 155 Units in Seattle Fetch $41.5 Mil


Two multifamily properties totaling 155 units in Seattle’s Ballard neighborhood traded for $41.5 mil ($268k/unit). The properties, the Belay and Noba apartments, were sold by Intercontinental Real Estate Corporation.

Noba Apartments; Photo: Porchlight
Noba Apartments; Photo: Porchlight
The apartments are located a few blocks from each other on 15th Ave NW. The Belay is at 6559 15th Ave NW; Noba is just north at 8022. Built in 2013, Belay has 104 apartments with studio, one-bedroom and two-bedroom floorplans with an average unit size of 521 sf. Noba was built one year earlier and has 51 apartments with various one-bedroom floorplans and an average unit size of 557 sf. With no updates to the apartments since construction, all the units are candidates for renovation.

The apartment communities are within walking distance of the Ballard Ave NW retail corridor, Ballard’s Brewery District and Golden Gardens Park. The location is also 15 minutes from Seattle’s central business district and South Lake Union, home to many large employers in the tech and life sciences industries.

Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented Intercontinental Real Estate Corp in the transaction.

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