AVA Ballard, a 265-unit multifamily community in Seattle, has traded hands in a recent transaction worth $105.5 million, or $398k/unit. The asset, located at 5555 14th Avenue NW, was sold by AvalonBay Communities.
AVA Ballard, built in 2013, features modern studio, one- and two-bedroom units averaging 717 square foot in size. Units include quartz countertops, stainless steel appliances, plank hardwood-style flooring and in-home washers and dryers.
Community amenities include a rooftop lounge with Olympic Mountain views, BBQs, and a dog run; a clubroom with media lounge, arcade games and lounge seating; a fitness studio; inner courtyards with BBQs, fire pits and lounge seating; rentable storage units, electric vehicle charging; and nearly 12k square foot of ground-floor retail.
“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.”
Seattle’s Ballard neighborhood, with a Walk Score of 97 and a Bike Score of 98, is home to a wealth of restaurants, bars, coffee shops, breweries and boutiques. It is less than a mile from Swedish Ballard Campus, three miles from the University of Washington, and close to various attractions such as Seattle’s first year-round farmer’s market and beaches, including Golden Gardens and Discovery Park. South Lake Union and Seattle are a 10-minute and 12-minute drive of the property, respectively, offering accessibility to the region’s largest employment hubs and education systems.
The Ballard submarket has a projected annual rent growth rate of 4-5% over the next five years, according to Yardi. Additionally, Ballard offers strong demographics, with average household incomes within a one-mile radius exceeding $200,000. Ballard High School, the no. 2-ranked Seattle public high school, is within a half mile of the property.
