June 20, 2018

Modera Ballard sells for $60M

Rendering by Tiscareno Associates [enlarge]

The six-story Modera Ballard opened last September, with 14 live-work units and 118 apartments.

Modera Ballard, at 2003 N.W. 57th St., has sold for almost $60.3 million, according to King County records.

The seller was an LP associated with Mill Creek Residential Trust, which acquired the property, formerly a funeral home, in 2015 for $6.1 million, then developed it.

David Young and Corey Marx of JLL represented Mill Creek Residential. The deal was worth about $456,439 per unit.

The buyer was Ballard Multifamily Acquisition LLC, which is associated with Capitol Yards Acquisition REIT and J.P. Morgan.

The six-story Modera Ballard opened last September, with 14 live-work units, 118 apartments and 102 stalls of underground parking.

Tiscareno Associates was the architect, and Mill Creek Residential was the general contractor.

Rents were announced last fall in a range between $1,720 to $3,175. The building has no commercial or retail space. It totals 145,000 square feet.

The site is two blocks north of the commercial strip on Market, and walkable to Ballard Commons Park, QFC, the library and Majestic Bay Theatre. The RapidRide D Line is five blocks east on 15th Avenue Northwest.

The property was previously home to Wiggen & Sons Mortuary, a subsidiary of Bonney-Watson. Coincidentally, Mill Creek Residential is currently planning to redevelop the main Bonney-Watson property on Capitol Hill with 213 apartments in two buildings.

Dallas-based Mill Creek Residential is also planning 288 units at Yesler Terrace, 160 units on South Jackson Street and 300 units in Redmond, close to the future light rail station.