Home Finance 60-Unit Sunrise 11 Apartments in Shoreline, Washington, Sells for $15.2MM

60-Unit Sunrise 11 Apartments in Shoreline, Washington, Sells for $15.2MM

Seattle, Red Magnolia Apartment LLC, Sunrise Eleven Associates LLC, Shoreline, Berkadia, Shoreline 11 Apartments, Ballinger Commons Apartment Homes
Image courtesy of www.sunriseeleven.com

By Jack Stubbs

On Monday, August 13th, the Sunrise 11 Apartments in Shoreline sold for $15.2 million, or approximately $253,333 per unit, according to public documents filed with King County. The buyer was Red Magnolia Apartment LLC, an entity affiliated with Ajit Sukesan of Northbridge Apartments LLC based in Bellevue. The seller was Sunrise Eleven Associates LLC, an entity affiliated with John Chou based in Shoreline.

The transaction was recorded on August 17th.

The six-story Sunrise 11 Apartments, located at 20015 Ballinger Way NE, was built in 2016 and contains 60 units, according to the property listing on apartments.com. The new construction apartment building offers a mix of studios, one- and two-bedroom units, according to the web site for the property. The studios are 550 square feet and rent for $1,205; the one-bedroom units are between 680 and 840 square feet and start at $1,420; and the two-bedroom units range from 950 to 1,040 square feet and have rents starting at $1,975.

The units include quartz countertops as well as individual outdoor areas (balcony, patio or deck). The apartment complex also features secure building entry and bike storage, parking stalls available for rent including electric vehicle charging stations and an exercise room.

Located in the Ballinger neighborhood of Shoreline, the property is proximate to the Mountlake Terrace Park & Ride and the Aurora Village Transit Center (which are both within two miles) and multiple bus lines. The property is approximately one mile south of Mountlake Terrace, three miles north of downtown Shoreline and close to I-5.

There have not been too many apartment sales in Shoreline in recent months. However, in mid-January 2018, Berkadia announced the $133.35 million sale of the 485-unit Ballinger Commons Apartment Homes on behalf of the seller of the property, California-based Essex Property Trust Inc. The multifamily property is located at 2405 N. 202nd Place about one mile west of the Sunrise 11 Apartments.