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Noreg Apartments in Ballard Trades Hands for the First Time

noreg

Colliers Facilitates $5.25M Sale of Value-Add Property

Seattle, WA – August 1, 2022 – For the first time since its construction in 1985 NOREG Apartments, a 17-unit apartment community the heart of Seattle’s Ballard neighborhood, has sold. Colliers’ multifamily experts Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman represented the seller in the $5,250,000 transaction. 

Noreg features a mix of large one and two-bedroom units. All of the property’s unit finishes and common areas are in their original condition, leaving ample room to add value through largely cosmetic upgrades. 

“Noreg is in a great position to become a high performing asset for its new owner,” said Wayne. “Ballard remains one of Seattle’s most desirable submarkets. With more than 290 units currently under construction and multiple institutional developments in the pipeline, we expect significant rent growth in the area over the next few years.”

Located at 2600 and 2606 NW 58th Street, Noreg sits just a short walk away from Ballard’s main thoroughfare on NW Market Street, providing access to countless dining, shopping, and entertainment options. Additionally, the neighborhood offers excellent proximity to local employment centers. The property is less than 20 minutes from downtown Seattle, 25 minutes from downtown Bellevue and 15 minutes from the University of Washington. 

Contact:
Rachel Person
Marketing Manager – Pacific Northwest
Rachel.person@collierscom 

About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.