Ballard 571731 NW 57th St Seattle , WA 98107
Ballard 57 is located in Seattle’s vibrant community of Ballard which recently sold for 11 million or 229,000 per unit, equaling 763 dollars per foot. The 48 unit community of sleekly designed studios and 1 bedroom apartments with a walk-score of 98%, is steps away from cafes, hip eateries and funky shops in one of Seattle’s hippest neighborhoods. Ballard 57 has been in strong demand even in an oversupplied market making it attractive to our our of state investment group who purchased the property.
The project was built within budget and the original building, which we demolished when we started construction, was purchased at favorable pricing allowing Meter’s all in cost to be low per unit for a new development. This will result in a significant increase in value once the lease up is completed in the 3rd quarter of 2017. On initial rentals we are achieving $4 per square foot on our studios and $3.60 per square foot on our 1 bedroom units. Investors received a 54 percent return on their original equity.