Borealis Apartments, a 53-unit property located at 109 Dexter Avenue in Seattle’s South Lake Union neighborhood, has sold for $15,500,000. Dylan Simon, Jerrid Anderson, and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews served as the exclusive brokers, representing the seller and sourcing the buyer.
Built in 2008, Borealis features spacious studio, one-bedroom, and two-bedroom layouts averaging 622 square feet, with many units offering skyline views and abundant natural light. Residents have access to a community deck, secure parking, and on-site retail tenants Simply Dental and Oculus Eyecare.
Situated at the nexus of South Lake Union and downtown Seattle, the property benefits from unmatched walkability, immediate access to major tech and life science employers, and proximity to more than 200 restaurants, cafés, and retail destinations. Borealis is also steps from Amazon’s headquarters and a short walk to light rail, streetcar service, and waterfront amenities.
Borealis’ affordability covenant expires in April 2028, creating a clear path for future income growth and repositioning opportunities.
“This transaction reflects the strength of Seattle’s multifamily market,” said Simon. “South Lake Union remains one of the strongest demand centers in the region, supported by corporate return-to-office activity and limited new supply. Borealis offers both stable operations today and clear long-term upside.”
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 53 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
