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.
Regionwide, the vacancy rate for apartments at the end of 2012 was 4.7 percent, down from the year before. Downtown Seattle's vacancy rate was 4.5 percent, and downtown Bellevue's was 3.4 percent at year-end.
Click Puget Sound Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
