Seattle-based investment firm TMR Investments announced this week that it has acquired VIVE Apartments, a 91-unit multifamily property located at 1516 NW 51st St.
VIVE Apartments, which was built in 2015, includes a mix of studio and one-bedroom apartments. TMR Investments said the acquisition expands its existing portfolio in Ballard and North Seattle, where the firm now owns and operates multiple multifamily communities totaling 255 units in the area. The company also owns the Liam Apartments at 1710 NW 57th St.
TMR said the VIVE property will be managed by Seattle-based Thrive Communities.
“This acquisition reflects our long-term conviction in Ballard and our strategy of building meaningful scale in high-quality submarkets,” said Ryan Sheridan, principal at TMR Investments, in a statement announcing the purchase.
The company described Ballard as a “high-demand” and “walkable urban submarket,” citing the neighborhood’s proximity to Ballard Avenue businesses, the brewery district, Fremont, and Phinney Ridge.
Photo: VIVE Apartments