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CBRE Arranges $105M Sale of Ballard MF Property
CBRE has facilitated the sale of AVA Ballard, a 265-unit multifamily community located at 5555 14th Ave. NW in Seattle to an undisclosed buyer for $105.5 million. CBRE’s Eli Hanacek, Mark Washington and Kyle Yamamoto represented the seller, AvalonBay Communities, in the transaction.
AVA Ballard, built in 2013, features modern studio, one- and two-bedroom units averaging 717 square feet. Units include quartz countertops, stainless steel appliances, plank hardwood-style flooring and in-home washers and dryers. South Lake Union and Seattle are a 10-minute and 12-minute drive from the property, respectively, offering accessibility to the region’s largest employment hubs and education systems.
“AVA Ballard’s spacious amenities and prime location in the vibrant and desirable Ballard neighborhood made it an exceptionally attractive investment opportunity,” said CBRE’s Hanacek. “The property has greatly benefited from robust leasing momentum and strong rent growth, trends that are expected to persist due to the surging home prices in this highly sought-after area.”
