Bell Partners has expanded its Pacific Northwest portfolio with the acquisition of Leva on Market, a 261-unit mixed-use apartment building in Seattle’s Ballard neighborhood, in a $95 million transaction. The buyer, a national apartment owner and property management firm based in North Carolina, has rebranded the eight-story property as Bell Ballard following the closing.
The community is located at 1545 NW Market Street in the heart of Ballard and features a mix of studio, one-bedroom and two-bedroom apartments. The approximately 350,000-square-foot building was completed in 2008, positioning it as an institutional-scale asset within one of Seattle’s most established urban neighborhoods.
According to reporting cited from the Puget Sound Business Journal, the land for the project was acquired in 2006 for $4.9 million by Ballard Apartments LLC, a limited liability company linked to BlackRock. That entity is identified as the land buyer at the time, underscoring long-term institutional involvement with the site prior to the current sale to Bell Partners.
Bell Ballard includes ground-floor retail space with tenants such as Waxing the City and Tropical Tan of Ballard, adding a street-level commercial component to the predominantly residential property. The mix of housing over retail aligns the asset with the broader pattern of neighborhood-scale urban mixed-use development seen along NW Market Street.
This latest acquisition marks Bell Partners’ second apartment community in the city of Seattle and its seventh multifamily property in the broader Puget Sound region. The firm also owns three apartment properties in Redmond, one in Kirkland and one in Lynnwood, reflecting a growing operational footprint across key suburban and urban nodes in the region.
With the rebranding to Bell Ballard and integration into Bell Partners’ national platform, the property adds scale to the firm’s Pacific Northwest holdings while maintaining its established position in a walkable, amenity-rich neighborhood. The transaction also extends the continuity of institutional ownership at the site, from the original land purchase through the delivery of the completed 2008 asset and into its current phase under Bell Partners’ stewardship.
