The Stanton in Ballard – This Cycle’s First Apartment to Condo Conversion
Big news tonight! The Stanton at 1515 NW 52nd St in Ballard is this cycle’s first apartment building to condo conversion. The Stanton, a 5-story, 26-unit apartment building built in 1990 was purchased by Midby Companies for $10.1m in May (or approximately $388,416 per unit) and has been very quickly converted to a 24-unit condo building. The first units for sale there just hit the MLS:
- #405 – $608,500 – 2 bed, 1 bath – 765 square feet
- #306 – $608,500 – 2 bed, 1 bath – 765 square feet
- #302 – $590,000 – 2 bed, 1 bath – 765 square feet
- #205 – $579,500 – 2 bed, 1 bath – 765 square feet
If Midby Companies sounds familiar it is because they were the developer behind the Escala, a large new construction project last cycle.
Given the sudden increase in inventory, especially condo inventory, it will be interesting how this fares. Previously units were being rented for $1,700+ for a one-bedroom unit and $2,100+ for a two bedroom.
