South Lake Union’s Borealis Apartments Fetch $15M

South Lake Union’s Borealis Apartments Fetch $15M
News| November 26, 2025| Jasmine Kilman
Seattle & Northwest + Apartment Buildings

Borealis Apartments, a 53-unit property located at 109 Dexter Avenue in Seattle’s South Lake Union neighborhood, has sold for $15.5 million.

Dylan Simon, Jerrid Anderson and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews served as the exclusive brokers, representing the seller and sourcing the buyer. Built in 2008, Borealis features spacious studio, one-bedroom, and two-bedroom layouts averaging 622 square feet, with many units offering skyline views and abundant natural light. “This transaction reflects the strength of Seattle’s multifamily market,” said Simon. “Borealis offers both stable operations today and clear long-term upside.”

Situated at the nexus of South Lake Union and downtown Seattle, the property benefits from immediate access to major tech and life science employers, as well as proximity to over 200 restaurants, cafes, and retail destinations. Borealis is also steps from Amazon’s headquarters and a short walk to light rail, streetcar service, and waterfront amenities.

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