By Jack Stubbs
Seattle’s booming multifamily market shows little signs of slowing, and another apartment complex recently sold for a significant sum.
An apartment property in Ballard on Tuesday, June 19th sold for $60.25 million, or approximately $456,439 per unit, according to public records filed with King County. The buyer was Ballard Multifamily Acquisition LLC, an entity affiliated with Oscar Wong and Stephanie Douty of New York-based J.P. Morgan’s asset management division. J.P. Morgan acquired the property from Dallas-based Mill Creek Residential, a national developer of multifamily properties.
Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story.
The 6-story Modera Ballard Apartments, located at 2003 NW 57th St. in downtown Ballard, was built in 2017 and contains 132 units (which range from studios to three-bedroom). According to the property listing on apartments.com, the studio units range from 533 to 568 square feet and rent for between $1,720 and $1,935. The one-bedroom units range from 601 to 720 square feet and rent for between $1,895 and $2,330, while the two-bedroom units range in size from 812 to 975 square feet and rent for between $1,784 and $3,480.
Some of the prominent in-unit amenities include wood plank-style flooring, quartz countertops, walk-in closets and Energy Star stainless steel appliances, according to the web site for the property. The multifamily asset also includes a rooftop deck, live/work spaces, 24-hour fitness studio and dedicated bike storage.
The web site also highlight’s the property’s central location in the heart of downtown Ballard just blocks from the 15th Avenue corridor. The complex is roughly one mile east of the Hiram M. Chittenden Locks and approximately 2.5 miles south of Golden Gardens Park. Additionally, the asset is about two miles from access to Washington State Route 99.
J.P Morgan Asset Management is a leading asset manager for individuals, advisors and institutions, according to the company’s web site. The company has investment professionals located around the world and provides strategies that span the full spectrum of asset classes. As of December 31st, 2017, the company had $1.7 trillion of assets under management, according to its web site.
Mill Creek Residential is one of the largest homebuilders in the U.S., and has constructed over 25,000 apartment homes nationwide, according to the company’s web site. The company develops, builds, acquires and operates high-quality apartment communities and has acquired more than 4,000 apartment homes and invested over $875 million alongside strategic joint venture partners.
Some of Mill Creek’s other properties in Seattle include the 135-unit Modera Capitol Hill in the Pike/Pine corridor, the 160-unit Modera Jackson, and the 18-story, 360-unit Skye at Belltown Apartments.