"The market is a little weak right now, but interest rates are low, and apartments are fairly stable, all things considered. Rents in some close-in submarkets like Belltown are suffering, but some areas are still doing relatively well," says Newton, adding that most investors are being realistic in their short-term returns and are prepared to wait for the larger upside to come with economic recovery—whenever it occurs.
Just this month Newton and partner, David Meissner, brokered a deal for the nine-unit Bowdoin Place Apartment. Although the property was built in 1967, Newton says the 1998 remodel helped in capturing a $1.28-million sales price. That translates to $163/sf—a hefty number given today's market.
Newton offers that many similar 1960's product in the Fremont area has been turning for prices running between $95/sf and $110/sf, and he admits Bowdoin (at 525 N. Bowdoin Pl.) is a bit of a market anomaly. Nonetheless, he makes a case for the apartment investment market. "I think this sale proves there is a good market for nicer (older) properties."
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