TMR Acquires Multifamily Property In Ballard
Kidder Mathews has arranged the sale of Etta Ballard, a mid-rise, 80-unit apartment building in Ballard, WA. Thayer Manca Residential (TMR) purchased the property from Auctus Capital Partners for an undisclosed price.
The multifamily complex was built in 1989, but recently went through a change of use from senior independent living to market rate apartments. The seller and buyer in the transaction were both in 1031 exchanges. TMR plans to increase in-place rents as the Ballard market continues to flourish.
“Etta Ballard was perfect execution. The owners picked the right time to sell, we generated 11 offers, and they selected the buyer with the most experience,” said Kidder’s Jerrid Anderson who represented the seller along with Brandon Lawler and Dylan Simon of the firm’s Simon and Anderson multifamily investment team, based in Seattle.
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