Home AEC Holland Partner Group Purchases Six Parcels in Seattle for Development of 238-Unit...

Holland Partner Group Purchases Six Parcels in Seattle for Development of 238-Unit Apartment Complex for $28.7MM

Holland Partner Group, Seattle, Ballard, First Western Properties, Market and 24th, Carrier Johnson + CULTURE, The Blueline Group, South Lake Union, Clise Properties

By Kate Snyder

With plans to turn the site into a 238-unit apartment complex, a major multifamily developer closed on a six-parcel assemblage in Seattle’s Ballard neighborhood for $28.7 million, according to an announcement from First Western Properties, which represented the buyer in the transaction. Holland Partner Group purchased the parcels located at the corner of NW Market Street and 24th Avenue NW. The seller was not listed.

Earlier this year, the project, called Market and 24th, was approved at a Design Review Recommendation meeting held by the Northwest Design Review Board, according to previous reporting from The Registry. The seven-story development includes parking for 168 vehicles and ground floor retail space. San Diego-based architecture firm Carrier Johnson + CULTURE is the architect and Kirkland-based The Blueline Group is the landscape architect.

Holland is based in Vancouver, Wash., and according to its website, is a fully integrated real estate investment company with two decades of experience, more than 750 team members and nearly 40,000 units built, developed, acquired and transacted since the firm’s founding. The group works with “world-class lifestyle experience designers, architects, interior designers, sustainable consultants, landscape artists, and technologists to conceive exceptional new residential communities and transform existing properties to speak to the most discerning tastes and emotional needs.”

The company was founded in 2001 and focuses on creating residential and commercial projects that “meet the highest standards in terms of quality, value creation, and innovation” and has experience in all phases of the development and construction process of mixed-use properties such as multifamily, office, parking garages and retail.

The firm has long been active in the Seattle area and has been involved in a number of recent real estate transactions and projects.

Earlier this year, the group purchased a South Lake Union site where the company plans to establish a 45-story residential tower, according to The Registry’s previous reporting. The firm acquired the project site at 616 Battery Street for $40 million. The seller was Clise Properties.

Located at a major junction where Denny, Dexter, 7th and Borealis Avenue all intersect, the site previously housed the former Old Elephant Car Wash and is poised for development as Holland Partners takes its proposed project through the entitlement process. Over the summer, that project’s applicants met with the City’s Downtown Design Review Board and received approval to move ahead to a recommendation hearing. Plans include 455 residential units and between 1,755 square feet and  2,150 square feet of retail space as well as 263 parking spaces in an above- and below-grade parking structure.