Elara at The Market, a 150-unit apartment community in downtown Seattle, has sold for $60.9 million. The buyer is Seattle Social Housing Developer (SSHD), the public development authority created through the city’s voter-approved Initiative 135. The purchase marks the organization’s first-ever property acquisition.
Dylan Simon, Jerrid Anderson, and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily Team represented the previous owner of Elara at The Market and sourced the buyer through a full marketing process.
The apartment community is located at 2134 Western Avenue in the Belltown neighborhood, near Pike Place Market and the newly developed Waterfront Park. The LEED Gold-certified property features a mix of studio, one-bedroom, and two-bedroom apartment homes, each with a private patio or balcony.
“Seattle’s urban core continues to command strong demand for well-located, high-quality multifamily, even as buyers underwrite more selectively in today’s market,” said Simon. “Downtown’s fundamentals—major employment centers, Pike Place Market, and the revitalized waterfront—make a LEED Gold-certified asset like Elara difficult to replicate. We ran a full marketing process that drew exceptional interest and delivered a great result for our client.”
SSHD develops, owns, and maintains publicly owned, permanently affordable housing for residents earning between 0% and 120%+ of the area median income (AMI), filling a gap for households that earn too much to qualify for traditional subsidized housing but cannot afford rising market rents.
“SSHD is thrilled that its first-ever property is right by Pike Place Market, the newly developed Waterfront Park, and other amenities,” said interim CEO Tiffani McCoy. “We are looking forward to leasing units at Elara to residents who might not otherwise be able to afford to live in this building or neighborhood.”
About the Simon | Anderson Multifamily Team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 15 brokerage professionals specializes in the sale and purchasing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
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 54 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
