(EDITOR’S NOTE: According to sources familiar with the transaction detail, the property sold for $20 million, or $250,000 per unit. The cap rate on the transaction came in at 4 percent.)
Seattle, Wash. (August 4, 2022) – Etta Ballard, a mid-rise apartment building totaling 80 units in Ballard, Washington, sold in a fully marketed sale by Kidder Mathews. The seller was active Puget Sound investor Auctus Capital Partners.
Jerrid Anderson, Brandon Lawler, and Dylan Simon of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller in the on-market sale. Kidder Mathews was the only broker involved in the transaction. The buyer was another longtime Puget Sound investor, Thayer Manca Residential. The company plans to increase in-place rents as the Ballard market continues to flourish post-COVID.
The apartment was built in 1989 but recently went through a change of use in 2017 from senior independent living facility to market rate apartments. The acquisition was ideal for the seller and buyer, both who are in 1031-exchanges.
“Etta Ballard was perfect execution. The owners picked the right time to sell, we generated 11 offers, and they selected the buyer with the most experience. Certainty was the name of the game, congratulations to both buyer and seller,” said Anderson.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of 10 brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually.