Puget Sound Market Shows Signs of Improvement

SEATTLE-Kidder Mathews completed the largest multifamily real estate transaction in Snohomish County so far this year, and the second deal over 100 units in the greater Puget Sound region, according to a prepared statement. Waterford Place, a 200-unit property located in the Silver Lake area of Everett, WA, sold for $18.2 million. Kidder Mathews represented the sellers, AVF III Silver Lake LLC, in the sale to CP III Waterford LLC. The Kidder Mathews brokers involved in the deal concur that the Puget Sound market is beginning to show signs of improvement for investment sales in both income and volume. Cap rates for South Everett are in the sub-6% range and it seems buyers are betting on projected rent growth.

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