The ground-floor commercial tenants at the Ballard Independent, including Tully's Coffee, Caffe Ladro and the soon-to-open Exit 5 Korean BBQ, now answer to a global landlord backed by a Canadian insurance giant.
BentallGreenOak, a real estate investment manager fully owned by Sun Life Financial as of 2026, paid $152 million for the seven-story, 238-unit apartment building at 2245 NW 56th St., according to My Ballard, citing the Puget Sound Business Journal. King County recorded the sale Wednesday, Aug. 5.
That's 42% above assessed value.
Holland Partner Group, led by Managing Director Raymond Connell, and NASH, the North American subsidiary of Japanese homebuilder Sekisui House, sold the property less than two years after opening it in December 2024.
The two firms acquired the site in 2022 and built the Ballard Independent on land scarred by a three-alarm fire in October 2019 that heavily damaged the buildings previously occupying the block.
What it means for the corridor
The building's ground-floor retail faces NW Market Street, one of Ballard's busiest commercial stretches. Caffe Ladro already operates there. Exit 5 Korean BBQ, co-owned by Mison Kang and Max Kang, has been hinting at a fall 2026 opening after announcing Ballard plans two years ago, as we reported in our Exit 5 Korean BBQ coverage on Aug. 4.
Neither BentallGreenOak nor Holland Partner Group has commented publicly on lease terms or rent structures for the commercial spaces. Sun Life completed its $1.2 billion acquisition of the remaining 44% stake in BGO in 2026, giving the firm access to institutional-scale capital that dwarfs what a regional developer like Holland typically deploys.
Ballard's development pipeline keeps growing
Holland isn't leaving the neighborhood. The firm is pursuing a separate 239-unit, eight-story project at 1740 NW Market St., the former Ballard Blossom site, after completing a $22.6 million land assembly in March. That project includes more than 8,500 square feet of ground-floor retail.
Meanwhile, a redevelopment proposal filed with the Seattle Department of Construction and Inspections would replace the Ballard Goodwill at 6400 8th Ave. NW with a 300-unit mixed-use building valued at $84 million. A vacant corner lot at 11th Ave. NW and NW Market St., once slated for 45 apartments, went back on the market July 29.
The Puget Sound Business Journal framed the Ballard Independent sale as part of a broader multifamily market recovery. No public timeline has been announced for any changes to the building's commercial leases.
