Boston-based TA Realty is the new owner of the Ballard Public, also known as Ballard Lofts, the 99-unit, five story apartment and loft complex built in 2015. TA Realty, which worked out of its Irvine, Calif. office on the purchase, paid $47,401,000 for the two building complex, or roughly $478,797 per unit. The seller was the developer, William Parks, Inc.
One interesting aspect of the sale is the agreement between the buyer and the seller not to convert the units into condominiums.
The apartments, which are managed by Greystar, are located at 6450 24th Ave NW, Seattle. There is a mix of studio, one and two-bedroom apartments and lofts in the property that feature modern amenities, patios and decks in certain units. The complex features 90 parking spaces, a rooftop lounge and two community BBQs.
The property also features a retail component in the ground floor. The Green Market, a grocery store, is one of the tenants, as well as Royal Drummer Coffee, a coffee shop, and Copine, a contemporary American cuisine restaurant.
The complex is within walking distance to Ballard Avenue, the central artery of the neighborhood, which features a charismatic mix of restaurants and retail locations.
E-mails to the seller and buyer were not answered in time of this publishing.
Giovanni Napoli, senior vice president, Ryan Dinius, vice president, and Philip Assouad, senior vice president, from Kidder Mathews in Seattle worked on this deal for the seller.
The city of Seattle is experiencing one of the most robust housing markets in the nation. According to one report, from the Irvine, Calif. -based HomeUnion Seattle’s market is the nation’s top single family rental growth market with 6.7 percent year-over-year acceleration and median rent at $2,200.
However, according to a recently released fourth quarter of 2016 study by Seattle-based Apartment Insights, which looks at statistics and trends on 50+ unit properties in the King/Snohomish market, the outlook is a little less sanguine. While the vacancy currently sits at 4.67 percent, it had shot up from 3.99 percent from a quarter ago and up from 4.32 a year earlier. On the absorption side, Apartment Insights tracked 1,046 units rented, down from 2,043 from the third quarter, which resulted in bringing the rents down slightly in the process. With additional inventory coming on-line and apartments offering strong incentives, the research firm sees some cause for concern.
Ballard Public presently has no vacancies.