Search
 

Seattle Apartment Developer Places His Money on the CBD

SEATTLE-Apartment developer Mark Raabe says the smart money in a shakey time is on the Downtown market--and a strict avoidance of the Eastside and outlying areas.

By Janet Parker | Updated on May 30, 2001

SEATTLE-The Fortune Group has been developing apartments in the greater Seattle area since 1986—more than 3,000 units in over 30 projects. According to Mark Raabe, the company’s president, if you’re an apartment developer in Puget Sound, your best bet now is Seattle’s Downtown core.

Says Raabe: “We’ve done projects throughout the area as far north as Everett and as far south as Federal Way. One thing we learned in the past down cycle is that the further out you go from the core, the weaker the market is.”

Like so many experts forecasting a less-than-sunny economy, despite the Fed’s interest rate cuts, Raabe expects a slowdown. “That’s given us somewhat of a defensive strategy, which means staying close to the core and what we believe to be the best bet, which is the urban infill market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.