A recently developed boutique apartment building located in Seattle’s hip and trendy Ballard neighborhood sold for $45.4 million, or $408,738 per unit.
Construction on the 111-unit Soren Ballard Apartments, designed by Seattle-based architecture firm Weber Thompson and built by Portland-based Anderson Construction, was completed in May of 2015. It cost the Seattle-based privately-owned developer, Pryde Johnson, $33.2 million to build. Scottsdale, Ariz.-based Pillar Communities, was the new buyer. Corey Marx and David Young, managing directors for JLL’s Capital Markets Group, represented the seller in the transaction. Neither the buyer or seller were available for further comment.
What we’ve found is that if it’s a boutique community that doesn’t offer many amenities, which is the category that Soren falls into, they tend to do really well when located in a neighborhood that does provides them
“It was brand-new construction that had just hit stabilization,” said Marx. “There was a HUD loan in place at the time of the sale and the buyer assumed that loan, which can be a process. So from the time the property sold to the time it actually closed was about five or six months.”
Located at 5711 24th Avenue NW, the building’s design was inspired by Ballard’s historic Scandinavian roots and is LEED Gold certified with Greenseal carpets and low VOC paints. The boutique units show high style with tall ceilings and gourmet kitchens with stainless steel appliances and stone counter tops. According to the rental website, only four one-bedroom units are available ranging from $1,650 to $1,815 and are between 539 to 626 square feet.
“The building was really well done,” said Marx. “The developer is traditionally a condo developer, so the quality was really strong. What we’ve found is that if it’s a boutique community that doesn’t offer many amenities, which is the category that Soren falls into, they tend to do really well when located in a neighborhood that does provides them.”
Marx explained that Soren is just a few blocks walk to these amenities located on Ballard Avenue and Market Street, and is also in a quieter area located just outside the neighborhood’s hot spots.
“The market has performed really well,” Marx said. “There’s a lot of new supply that has opened, but the demand in Ballard is significant.”