CBRE Brokers $41.5 Million Sale of Two Multifamily Communities in Seattle’s Ballard Neighborhood

CBRE announced the sale of two multifamily communities totaling 155 units in Seattle’s Ballard neighborhood. An undisclosed buyer acquired the Belay and Noba apartments for a combined $41.5 million.

Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented the seller, Intercontinental Real Estate Corporation.

The apartments are located a few blocks from each other on 15th Ave. NW. The Belay is at 6559 15th Ave. NW; Noba is just north at 8022. Built in 2013, Belay has 104 apartments with studio, one-bedroom and two-bedroom floorplans with an average unit size of 521 sq. ft. Noba was built one year earlier and has 51 apartments with various one-bedroom floorplans and an average unit size of 557 sq. ft. With no updates to the apartments since construction, all the units are candidates for renovation.

“This portfolio offered the chance to acquire two properties, ready for some improvements, in a highly sought-after neighborhood that is benefiting from growth in the surrounding tech and life sciences industries. Despite dynamic market conditions, we explored multiple disposition options with our client and ultimately found the right capital for this exceptional pair of properties,” said Mr. Hanacek, vice chairman, CBRE.

The apartment communities are within walking distance of the Ballard Ave NW retail corridor, Ballard’s Brewery District and Golden Gardens Park. The location is also 15 minutes from Seattle’s central business district and South Lake Union, home to many large employers in the tech and life sciences industries.