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Seattle & Northwest  + Seattle  + Apartments  |  May 20, 2024
Jasmine Kilman
By: Jasmine Kilman

CushWake Advises Sale of Vintage Mixed-Use in Ballard

Cushman & Wakefield has brokered the sale of Villa Luisa, a vintage mixed-use apartment and retail community situated in the heart of Seattle’s Ballard neighborhood. Villa Luisa is a freestanding two-story building located at the corner of NW 60th St and 15th Ave NW and comprises 16 apartment units and four ground-floor retail spaces.

Cushman & Wakefield’s Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter, and Byron Rosen represented the seller in the transaction. The buyer was unrepresented.

“While the sale of vintage assets within core Seattle have slowed considerably, savvy investors are seeking well-located, cash flowing assets with high upside potential,” said McKay. “Today you can purchase these value-add assets with less competition and higher cap rates than we’ve seen in over a decade.”

Originally built in 1927, Villa Luisa offers a mix of studios, one-bedroom and two-bedroom apartment units together with four longstanding retail tenants with storefronts, including Nolita Italian bistro, The Wax Bar, a mini-mart, and an art studio.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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