**Equity Residential Sells Seattle Mixed-Use Property for $121M**
Equity Residential has sold Urbana Apartments, a prominent 289-unit mixed-use property located in Seattle’s Ballard neighborhood, for $121 million.
San Francisco-based Carmel Partners purchased the eight-story building, situated at the intersection of 15th Avenue Northwest and Northwest Market Street. The acquisition was financed with an $80.3 million loan secured through Fannie Mae, according to the Puget Sound Business Journal.
The sales transaction was brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The IPA team representing the seller and procuring the buyer included Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino.
Urbana Apartments features nearly 30,000 square feet of retail space. Among its commercial tenants are Planet Fitness, Five Guys, Papa John’s Pizza, and Verizon.
The acquisition adds to Carmel Partners’ growing Seattle portfolio. In 2024, the firm also purchased the colorful Chroma building, a seven-story apartment complex in the city’s South Lake Union area, for $92 million.
