FPA Multifamily Pays $42M for 2 Seattle Communities

Both properties are situated in the city’s Ballard neighborhood.

Belay Apartments

Belay Apartments. Image courtesy of Porchlight Photography

Intercontinental Real Estate Corp. has sold two communities in the Ballard neighborhood of Seattle for $41.5 million. FPA Multifamily, identified by King County public records as the buyer, acquired the assets, which offer a total of 155 units.

The same source shows that Berkadia Commercial Mortgage LLC arranged a $6.9 million Freddie Mac loan for the acquisition of Noba Apartments on behalf of buyer. The company also arranged a $15.6 million loan for the purchase of Belay Apartments. Both loans carry a 2032 maturity date.

Intercontinental Real Estate was represented by a CBRE team led by Vice Chairmen Eli Hanacek and Jon Hallgrimson, Executive Vice President Mark Washington and First Vice President Kyle Yamamoto worked on behalf of the seller. Mr. Hanacek stated in prepared remarks that both communities are eligible for a capital improvement plan.

Located at 6559 15th Ave. NW., Belay comprises 104 units in a single building. The property features studios and one- and two- bedroom floorplans, averaging 521 square feet. The three-story community was built in 2013. Common-area amenities at the controlled-access building include a fitness center, business center and rental office.

Noba Apartments

Noba Apartments. Image courtesy of Porchlight Photography

Noba is located at 8022 15th Ave. NW., close to Belay. The controlled-access property was built one year earlier, in 2012. The single-building, three-story community comprises 51 apartments, including studios and one-bedroom units, with an average size of 557 square feet. The property also features covered parking and a rental office.

Both communities are within walking distance of the Ballard Ave NW retail corridor, Ballard’s Brewery District and Golden Gardens Park, providing easy access to various retail centers, dining options and entertainment venues. The properties are also close to Seattle’s central business district and South Lake Union, in proximity to large employers in the tech and life science industries.

FPA Multifamily Portfolio

FPA Multifamily ranked 19th in the Top 50 Multifamily Property Management Firms of 2022 report, with a portfolio occupancy of 95 percent. According to Yardi Matrix, the company’s property collection comprises 173 assets totaling 36,120 units across the county. In Seattle alone, FPA Multifamily now owns five properties offering a combined 637 units.

Throughout the year, the company has been an active seller in the Sun Belt, trading ReNew on Sunset, a 224-unit community in San Francisco’s North Bay area, as well as ULake, a 401-bed student housing community in Tampa, Fla.

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