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Base Capital Likes Lynwood Apartment Market

SEATTLE, WA-Though many aspects of Puget Sound's real estate market are sputtering and groping for solid ground, Thomas Wick says, "For investors there are still pockets of multifamily and residential that are strong.

By Janet Parker | Updated on March 06, 2002

SEATTLE, WA-In the right niche, multifamily is still doing well,” says Thomas Wick, the managing member of Base Capital LLC. And despite the fact that Boeing jobs are going, the Bellevue-headquartered merchant banker and real estate developer says he’s seeing some strength in some of Puget Sound’s outlying areas, including Lynwood.

Wick tells GlobeSt.com that Base Capital is currently constructing about 1,000 apartment units in a total of six projects (Lynwood, South Everett, Mill Creek, Bainbridge Island, Covington and Puyallup) and he expects there to be no problem with occupancy.

“We just finished one private placement through Seattle Northwest Securities for $17 million,” Wick offers. “And, out of 168 units we’re only been running two to five vacancies per month.” This apartment complex in Lynwood (known as Wood Creek), says Wick, has not been impacted (at least, not yet) by Boeing layoffs—although he admits the firm’s membership was more than a little nervous when the layoff announcements came.

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