By Kate Snyder
An apartment complex in Seattle’s Ballard neighborhood was sold in a recent transaction for $8 million, or approximately $400,000 per unit, according to information from the brokers that facilitated the deal. The buyer was Pac-3 LLC, an entity that shares an address with SCI Infrastructure, LLC, according to public records, and the seller was an entity affiliated with Lynnwood-based Alano 58 LLC. The sale was recorded on Jan. 19.
Jake Morse and Ryan Dinius of the Dinius-Warsinske Group represented the seller, and according to Morse, had been working with the client for the previous 18 months to help position the asset. Morse said the transaction was facilitated off-market. Tanner Fogle, also of the Dinius-Warsinske Group, represented the buyer, who was in a 1031 exchange and obtained new financing at just over four percent.
The property, Alano Living, is located at 2226 NW 58th St. and consists of 20 units. Constructed in 2021, the building is just blocks away from Salmon Bay and is surrounded by local businesses, restaurants and outdoor recreation. Nearby organizations include the Ballard branch of the Seattle Public Library, the National Nordic Museum and the Ballard Farmers Market. Ballard Commons Park is across the street from the property and the Ballard Community Center is just half a mile away.
The Dinius-Warsinske Multifamily Group is part of Marcus and Millichap and specializes in the sale of multifamily assets and development sites, according to the group’s website. In addition to sales, advisory services are also provided for small to large scale investment groups.
SCI Infrastructure, LLC, was established in 1951 as Scoccolo Construction, Inc, according to the company’s website. The firm’s name changed in 2001. SCI Infrastructure provides heavy civil site work and road construction for both private and public projects throughout all of Washington and the Pacific Northwest.