Seattle Ground-Up Multifamily

gross ann. return*
22 mo.
term remaining
Cash Flowing to Investors
Current Ann. Return 6.0%
Accrued Ann. Return 8.0%
Gross Ann. Return* 14.0%

Investment Details

Current Ann. Return 6.0%
Accrued Ann. Return + 8.0%
Gross Ann. Return* 14.0%
Term Remaining 22 of 36 mo.
Min. Investment $5,000
Investment Size $3,550,000
Underlying Security Preferred Equity

Investment Summary

This is an opportunity to invest in the ground-up construction of a brand new Class-A 106-unit apartment building, The Keelson, located in Seattle’s Ballard neighborhood. The sponsor, Pryde+Johnson, has owned the land since 2004 and used half of the site to successfully deliver 79 high-end condos in 2008. The remaining portion of the site is now fully-entitled with building permits in place, and the sponsor has already broken ground. The sponsor has successfully completed several projects in the immediate area, including most recently delivering the Soren Apartments (a previous Fundrise investment) earlier this year, which is already more than 85% leased and exceeding their initial projections.

Key Deal Points

Core Submarket of Seattle

The Ballard location is within one of the strongest submarkets in Seattle. It has unmatched ‘coolness’ and caché with a concentration of boutique retail and restaurants with easy walkability and proximity to downtown. It is an area favored by institutional owners; Equity Residential, Avalon Bay, Amli, and Blackrock all own properties within a few blocks of the subject.

Personal Guaranty from Strong Local Sponsor

Pryde+Johnson has decades of experience developing in the core Seattle submarkets. The sponsor previously successfully built 79 high-end condo units on the adjacent site and most recently in May of 2015 delivered a similar 111-unit project (the Soren Apartments) that is currently more than 85% leased and exceeding initial expectations.

Shovel-Ready Project

Due to the large demand for new buildings in Seattle and volume of proposed new projects, the permitting process has become significantly slower than in previous years. This project is fully-entitled with final building permits in place, and the sponsor has already broken ground.

Strong Economic Growth in Seattle

Seattle continues to experience a record amount of growth due to growing companies including Amazon, Google, Facebook, Alibaba, and Microsoft. In 2014, the city saw more than 12% job growth in the tech sector, beating out Silicon Valley. Amazon’s head of real estate told local real estate leaders that the company alone would need 30 new apartment buildings each with a minimum of 200 units to be built every year just to house the number of employees they intend to hire and bring into the Seattle market. This growth has driven rapid demand for more residential units.

Projected Return Calculator

Gross Annual Return* 14.0%
Term 36 mo.
Total Return*

Fundrise Rating

The Fundrise Rating is a letter rating ranging from A to E that provides investors with the ability to easily compare investments across the Fundrise platform. The Fundrise rating measures the relative risk-adjusted return of an investment. Learn more
Category Assessment Points
Capital Senior to Fundrise 70-79% 4
Capital Junior to Fundrise 10-19% 4
Location Primary 1
Occupancy Vacant 3
Development Phase Ground-up 3
Sponsor’s Track Record $50-249 million 2
Personal Guaranty Yes -1
Overall 16 D2

The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Risk-Adjusted Return

Capital Structure

Type Source % of Total Amount
Equity Sponsor 17.1% $4,897,818
Preferred Equity Fundrise Investment 12.4% $3,550,000
Senior Debt 70.6% $20,250,000
Total 100.0% $28,697,818

Property Summary

The subject property consists of a single seven-story podium-style building. The project contains a total of 106 multifamily units, 88 parking spaces, and no commercial space. 

Address 1537 NW 56th Street
City & State Seattle, WA
Neighborhood Ballard Neighborhood
Product Type Residential / Multifamily
Project Phase Ground-Up / Shovel-Ready

Market Summary

Seattle is the largest city in the Pacific Northwest and one of the fastest-growing cities in the United States. The cultural and business center of the region, Seattle and its surrounding areas are the home to Boeing’s aircraft assembly plants, Microsoft,, Costco, Nintendo of America, Starbucks, and the University of Washington, as well as a vibrant arts scene and an excellent park system. Seattle added nearly 50,000 to the MSA in each of the past four years with additional employment gains forecast well into the future driving continued demographic growth.

About the Sponsor

curt pryde


Pryde+Johnson is a second-generation privately owned developer and builder with more than 25 years of experience in the Seattle market. The Pryde + Johnson’s team has extensive experience in multifamily developments, including over 21 apartment communities and condominium projects.

View full profile

Fee Schedule

Gross ann. return* 14.0%
Servicing and administration fee -0.5%
Net ann. return to investors 13.5%

Other Past Investments

DC Luxury Condo Loft Conversion

Washington, DC
Gross Ann. Return* 15.0%
Term Remaining 0 mo.
Underlying Security Preferred Equity

Atlanta Condo Pre-Development Loan

Atlanta, GA
Gross Ann. Return* 14.0%
Term Remaining 0 mo.
Underlying Security Senior Debt