At a glance
- The price works out to about $364,000 a unit.
- For allocators holding Seattle apartment exposure, the sale provides a comparison for appraisals of similar Ballard properties at about $364,000 a unit.
- Bell's Form ADV filing with the SEC, dated July 31, lists $6.1 billion in regulatory assets.
Bell Partners paid $95 million for Leva on Market, a 261-unit apartment building in Seattle's Ballard neighborhood, its second in the city.
The price works out to about $364,000 a unit. The eight-story building at 1545 NW Market Street spans 350,000 square feet and was completed in 2008. Ground-floor retail tenants include Waxing the City and Tropical Tan of Ballard, according to Connect CRE's Oct. 26 report. Bell has renamed the building Bell Ballard.
For allocators holding Seattle apartment exposure, the sale provides a comparison for appraisals of similar Ballard properties at about $364,000 a unit. The useful diligence question is what rent roll and occupancy Bell underwrote.
The purchase lifts Bell to seven Puget Sound properties: three in Redmond, one in Kirkland, one in Lynnwood and two in Seattle. Bell's Form ADV filing with the SEC, dated July 31, lists $6.1 billion in regulatory assets.
Bell Partners' seven Puget Sound apartment buildings, by city
Property count after the Bell Ballard purchase
- Redmond3 buildings
- Seattle2 buildings
- Kirkland1 buildings
- Lynnwood1 buildings
Show as table
| Item | Value (buildings) |
|---|---|
| Redmond | 3 buildings |
| Seattle | 2 buildings |
| Kirkland | 1 buildings |
| Lynnwood | 1 buildings |
Reported by the Deals desk from Connect CRE, Puget Sound Business Journal (via Connect CRE), Private Wealth Daily Deal Tracker and Form ADV (SEC IAPD). Published . Corrections