Sale Price: $20,000,000
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Etta Ballard exemplified flawless execution as our client strategically chose the opportune moment to sell. Despite a turbulent interest rate environment, the property garnered significant attention, resulting in 11 offers. Through a diligent selection process, the buyer with the most experience was chosen, ensuring certainty throughout the transaction. This successful sale was achieved within a tight timeframe of 27 days, enabling the seller to satisfy their 1031 exchange requirements. Having executed a change of use from senior living to apartments in Ballard, our client completed physical renovations in 2019 and navigated the challenges posed by the pandemic’s impact on the investment market. With a solid business plan in place and stabilized property operations, the seller maximized their equity while seeking their next project.
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“When we purchased Etta Ballard our business plan was to convert the senior living property to apartments and sell. We finished our final construction late 2019 but the pandemic threw a wrench in our plan of stabilizing and selling in 2020. After many months of managing through the pandemic Jerrid Anderson reached out sharing that the buyers were back and buying future upside in Seattle. We interviewed several brokers and decided the Simon | Anderson team could sell the upside story best (they had just done it on a very similar listing). After 27 days on the Simon | Anderson team produced 11 offers, we leveraged their knowledge of the buyers track records to select the most qualified purchaser. The Simon | Anderson team smoothly managed the closing from start to finish and hit our deadline for our planned 1031 exchange.”
– Will C.
LocationOpen Google Maps
Originally a quiet fishing community located just 15 minutes from Downtown Seattle, Ballard is now one of Seattle’s most active neighborhoods, overflowing with shopping, restaurants, cafes, bars, music venues, and more breweries than any other Seattle neighborhood.
3 Minute Walk
GROCERY STORES & SHOPPING
5 Minute Walk
SWEDISH MEDICAL CENTER BALLARD CAMPUS
7 Minute Walk
DOWNTOWN BALLARD BARS & RESTAURANTS
8 Minute Drive
9 Minute Drive
14 Minute Drive
UNIVERSITY OF WASHINGTON
16 Minute Drive