Home Finance 17-Unit NOREG Apartments in Seattle’s Ballard Neighborhood Sells for $5.25MM

17-Unit NOREG Apartments in Seattle’s Ballard Neighborhood Sells for $5.25MM

NOREG Apartments, Seattle, Ballard, Colliers

Seattle, WA –– For the first time since its construction in 1985 NOREG Apartments, a 17-unit apartment community the heart of Seattle’s Ballard neighborhood, has sold. Colliers’ multifamily experts Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman represented the seller in the $5,250,000 transaction.

Noreg features a mix of large one and two-bedroom units. All of the property’s unit finishes and common areas are in their original condition, leaving ample room to add value through largely cosmetic upgrades.

“Noreg is in a great position to become a high performing asset for its new owner,” said Wayne. “Ballard remains one of Seattle’s most desirable submarkets. With more than 290 units currently under construction and multiple institutional developments in the pipeline, we expect significant rent growth in the area over the next few years.”

Located at 2600 and 2606 NW 58th Street, Noreg sits just a short walk away from Ballard’s main thoroughfare on NW Market Street, providing access to countless dining, shopping, and entertainment options. Additionally, the neighborhood offers excellent proximity to local employment centers. The property is less than 20 minutes from downtown Seattle, 25 minutes from downtown Bellevue and 15 minutes from the University of Washington.