SEATTLE—Multifamily investments in the Seattle area escalated 87 percent last year, and that growth should continue in 2013.
In the Puget Sound area, large apartment buildings worth nearly $2.8 billion sold last year, according to commercial real estate company the Puget Sound Business Journal, which cited Jones Lang LaSalle and Property and Portfolio Research. That compares to nearly $1.5 billion in 2011 sales.
The high prices that some groups are paying for apartment complexes are driving down the rate of return for investors, and are fueling a building boom.
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