Nordic Partners Investments Acquires 107-Unit Seattle Apartment Building for $14.4 Million
Bellevue-based Nordic Partners Investments has acquired a 107-unit apartment building in Seattle's First Hill neighborhood for $14.4 million, the firm's largest deal since its founding five years ago.
The property, located at 415 Boren Avenue, carries a history tied to Seattle's World's Fair and traded at approximately $134,579 per unit — a figure that represents roughly 55% below the average per-unit price for comparable multifamily assets in the Seattle market.
Deal Details: A Discounted Basis in an Urban Submarket
The $14.4 million transaction pencils to about $134,600 per unit across the 107-unit building. That pricing stands well below prevailing per-unit values for urban Seattle apartment assets.
First Hill is a mature, transit-accessible submarket in central Seattle. The property's World's Fair-era history suggests a building of considerable age and character. Square footage, year built, renovation history, occupancy at the time of sale, cap rate, and financing terms were not disclosed in the source material.
Nordic Partners Investments' Largest Acquisition to Date
The Boren Avenue purchase represents a milestone for Nordic Partners Investments, which was founded five years ago and is headquartered in Bellevue, Washington. The transaction is the largest the firm has completed, marking a step-up in scale for the multifamily investor. The source material does not specify the firm's stated investment strategy for the property.
Transaction Context
No seller was identified in the available source material. The deal was reported by the Puget Sound Business Journal.