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King County Housing Authority Acquires 485-Unit Ballinger Commons for $133M

AEW Capital, Essex Property Trust JV Sells Multifamily Community in Shoreline
January 25, 2018
The King County Housing Authority (KHCA), an affordable-housing company that owns more than 132 properties across King County, WA, acquired the 485-unit Ballinger Commons in Shoreline, WA from a joint venture between AEW Capital Management and Essex Property Trust, Inc. for $133.4 million, or approximately $275,000 per unit.

The 801,094 -square-foot apartment community consists of one-, two- and three bedroom units across 27 buildings and sits on 77.7 acres. Built in 1989, community amenities include a fitness center, swimming pool, tennis courts and a clubhouse.

Located at 2405 N. 202nd Pl., Ballinger Commons is about 13 miles north of Seattle, accessible via Interstate 5.

The asset was 95 percent occupied at the time of sale.

Kenneth Dudunakis, Ben Johnson, and David Sorensen of Berkadia Real Estate Advisors represented the seller.

Please see CoStar COMPS #4087647 for more information on this transaction.
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