FA Johnson markets stake in planned Kanepe development in Ballard
FA Johnson Development is seeking an equity partner to advance construction of a long-planned apartment community in Seattle’s Ballard neighborhood.
The developer is marketing an investment opportunity in Kanepe, a proposed 171-unit mid-rise residential project, according to promotional materials released by the Simon/Anderson multifamily team at Kidder Mathews.
The City of Seattle approved a master-use permit for the project last fall. Plans call for 171 residential units along with approximately 2,426 square feet of ground-floor retail space at the intersection of Northwest Market Street and Ninth Avenue.
The development site is located within Ballard’s Hub Urban Village planning area — one of Seattle’s most sought-after neighborhoods — known for attracting high-income renters drawn to its walkable amenities and proximity to the Salmon Bay waterfront.
The offering comes at a time when multifamily development across the greater Seattle region has slowed following several years of elevated construction activity.
Currently, about 13,000 apartment units are under construction in the region, a notable decline from the market peak in 2023 when roughly 29,000 units were underway, according to CoStar analytics.
Ballard continues to stand out as one of Seattle’s most active neighborhoods for multifamily investment sales. The area recorded approximately $295 million in transaction volume last year — significantly higher than the five-year annual average of $187 million, according to CoStar data.
FA Johnson Development, founded by developer Fawn Johnson and her son Ben Pryde, began planning the six-story Kanepe project after acquiring the site in 2021. The building was designed by Public47 Architects.
The fully entitled project includes plans for 82 parking stalls, dedicated bike storage and a rooftop deck for residents. The design also allows for the potential addition of more residential units, subject to further approvals.
According to the Kidder Mathews marketing materials, the offering represents a rare opportunity to develop within the heart of Ballard’s established urban village, with entitlements already secured.
Source: Original reporting by Randyl Drummer, CoStar News.
