Keelson Ballard is One of Five Key Transactions in Ballard Submarket

Keelson Ballard, a 106-unit apartment building at 1537 NW 56th St. in the Ballard neighborhood, recently sold for $53.6 million. Seattle-based FA Johnson Development and Pryde Development sold the property to an undisclosed buyer.

Available supply of institutional-grade assets remains low in the Ballard submarket. Keelson Ballard is one of only five significant transactions to occur in the submarket in the past five years. With Seattle’s market recovery from the COVID-19 pandemic well underway, demand for assets in and near the city’s urban core has experienced a significant increase and is expected to grow as investors look to capitalize on migration and job growth in the region.

Colliers’ multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper represented the buyer and sourced the opportunity off market directly from the sellers.

“This was an excellent transaction for both parties, as opportunities to acquire institutional assets in Ballard are rare,” said Wayne. “Keelson is positioned to perform exceedingly well. The Ballard submarket has demonstrated consistent demand and rent growth throughout the pandemic. Vacancy currently sits at 3.3 percent and rents are up 13 percent year-over-year.”