150-Unit Downtown Seattle Apartments Sell for $61M

Elara at The Market, a 150-unit apartment community in downtown Seattle, has sold for $60.9 million.

The buyer is Seattle Social Housing Developer, the public development authority created through the city’s voter-approved Initiative 135. The purchase marks the organization’s first-ever property acquisition.

Dylan Simon, Jerrid Anderson, and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily Team represented the previous owner of Elara at The Market and sourced the buyer through a full marketing process.

The property is located at 2134 Western Avenue in the Belltown neighborhood, near Pike Place Market and the newly developed Waterfront Park. The LEED Gold-certified property features a mix of studio, one-bedroom, and two-bedroom apartment homes, each with a private patio or balcony.

“Seattle’s urban core continues to command strong demand for well-located, high-quality multifamily, even as buyers underwrite more selectively in today’s market,” said Simon. “Downtown’s fundamentals—major employment centers, Pike Place Market, and the revitalized waterfront—make a LEED Gold-certified asset like Elara difficult to replicate.”

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