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Case Studies / Elara at the Market
sold
Elara at the Market
Strong Demand for Core Seattle Assets
- Premier Positioning: A 150-unit, 2018-built community in Seattle’s Belltown/Waterfront neighborhood, one block from Pike Place Market, with a rooftop offering unobstructed Puget Sound views.
- Story Beyond the Trailing Numbers: Underwrote the asset on its forward potential — rent comps, lease trade-outs, and clear pathways to NOI growth — rather than in-place financials alone.
- Competitive Market Validation: Drove 33 property tours and 16 offers, with multiple qualified investors competing head-to-head for the asset, reaffirming that well-located, high-quality assets continue to command strong capital when paired with sharp execution.
Executive Summary
THE CHALLENGE
Elara at the Market is a high-quality, well-located asset that shows nearly flawless in photos and on paper. But the property wasn’t operating to its full potential, and that showed in its trailing financial performance. Our job was to get buyers to look past in-place fundamentals and pursue the asset on its merits and upside.
WHAT WE DID
First, we had to get people to the property to see its quality firsthand. On every tour, we stopped at each amenity, walked multiple penthouse units, and made sure buyers took in the rooftop’s unobstructed views of the Puget Sound.
Second, we had to sell the potential. Using rent comps, highlighting strong leases and trade-outs, and showing how expenses could be managed differently, we got groups to believe a higher NOI was achievable.
THE RESULT
33 tours. 16 offers. Ultimately, we found the perfect buyer in Seattle Social Housing Developer, who saw the same merits we did—making Elara their first acquisition toward a mission of providing high-quality housing at affordable rates.
Site Details
"Selling a high-quality asset requires more than simply putting it on the market. It takes a team that understands the seller’s goals, property’s positioning, and clearly articulates the opportunity to potential buyers. The Simon | Anderson Multifamily Team did exactly that with Elara at the Market. They know the Seattle market, and they sourced the right buyers for the property. They led an organized and competitive process with multiple strong offers, resulting in a better than market outcome. Dylan, JD, Winslow and the broader Kidder Mathews team communicated clearly at every stage — we could not have asked for a better execution, especially in these turbulent times."
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