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Fremont Apartments Fetch $163 Per SF

SEATTLE, WA-Though most will agree the greater Seattle apartment investment market is slower than it was a few years back, demand is still strong and some properties are even fetching appealing prices.

By Janet Parker | Updated on April 12, 2002

SEATTLE, WA-”A lot of buyers chasing after good apartment properties,” says Saint Newton, a principal with Seattle-based Paragon Real Estate Partners. He says a number of his clients have lost faith in the stock market and are looking for alternative investments.

“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.

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