SEATTLE-Real Estate Investment Trusts have been big players in the Puget Sound multifamily market in recent years and a recent three-property purchase by AvalonBay again serve as a reminder. The Alexandria, VA-based REIT paid $129.3 million for a total of 995 units in Issaquah, Lynwood and Everett as part of a nine-property presale agreement with Trammell Crow Residential.

AvalonBay acquired the 333-unit Wynhaven in Issaquah, the 424-unit Brandemoor in Lynnwood and the 238-unit WildWood in South Everett. The Brandemoor and WildWood are north of urban core and command about $1 per square foot for rent while the Wynhaven (333 units) is on Eastside where analysts say rents could be 20 percent more expensive.

“You see this happening sometimes but you won't see a lot of it down the road,” says Greg Laycock, senior director of Cushman & Wakefield's multifamily investment division. “The incentives for REITS to make these kinds of purchases are not as attractive as they used to be.”

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