Originally published: ConnectCRE

A joint venture between Timberlane’s Acquisition Fund and STARS REI purchased the Koi apartments, a six-story, 166-unit building in the Ballard district of Seattle for $55.5 million. The transaction, which equates to approximately $334,000 per unit, represents the joint venture’s second Ballard acquisition in the past two months, following The Wilcox.

JLL’s Senior Managing Directors David Young and Corey Marx, Senior Directors Chris Ross and Jordan Louie and Director Michael Lyford represented both the buyer and seller. The seller is an entity affiliated with CBRE Investment Management, which purchased the asset in 2014 for $57 million. It is currently about 96 percent leased.

Built in 2013, Koi is located at 1139 NW Market Street and offers a mix of studio, one-, and two-bedroom apartments. “We now own 298 high-quality apartment units in Ballard at an average price per unit of $337,000, which represents a 40 percent discount to replacement cost,” said Managing Director Jon Hallgrimson for Timberlane.