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Colliers Closes Sale of Keelson Ballard Apartments for $54M

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Surging demand and limited supply lead to rare investment opportunity in popular Seattle submarket

SEATTLE, Wash. – December 29, 2021 – Colliers is pleased to announce the successful sale of Keelson Ballard, a 106-unit apartment building located at 1537 NW 56th Street in the Ballard neighborhood.  Seattle-based FA Johnson Development and Pryde Development sold the property to an undisclosed buyer for $53,600,000. 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. 

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 over 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 continue growing as investors look to capitalize on migration and job growth in the region.  

“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.”

Built in 2017, Keelson Ballard features a mix of one and two-bedroom units outfitted with high-end finishes. Residents enjoy access to amenities like a rooftop plaza and 24-hour gym facility, as well as underground parking. The building’s location also provides excellent proximity to jobs in South Lake Union and downtown Seattle, and to Ballard’s renowned offering of dining and entertainment options. 

Media Contact:
Solana Tanabe
Allison+Partners for Puget Sound
Solana.tanabe@allisonpr.com 

About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.