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CBRE Brokers $41.5M Sale of Seattle Apartment Duo
The CBRE Pacific Northwest multifamily team of Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto has represented Intercontinental Real Estate Corporation in the disposition of a pair of multifamily communities in the Ballard neighborhood of Seattle. The properties traded for a combined $41.5 million to an undisclosed buyer.
The apartments are located just a few blocks from each other on 15th Avenue NW. The Belay has 104 studio, one- and two-bedroom units averaging 521 square feet, while Noba (pictured) is a 51-unit, one-bedroom community averaging 557 square feet. Both complexes, built in 2013, are candidates for renovation. The Belay and Noba are 15 minutes from Seattle’s CBD and the South Lake Union tech hub.
“This portfolio offered the chance to acquire two properties, ready for some improvements, in a highly sought-after neighborhood. Despite market conditions, we explored multiple disposition options, and ultimately found the right capital,” said Hanacek.
- ◦Sale/Acquisition
