In the last year, California capital has searching for yield in high growth markets, and the Pacific Northwest has been a top landing pad. The region's recent economic growth and established job centers has made it a favorite market for California capital.

"The Pacific Northwest is one of the nation's fastest growing regions, with several businesses establishing and maintaining headquarters throughout the states of Oregon and Washington," Adam Levin, executive managing director of Levin Johnston of Marcus & Millichap, tells GlobeSt.com. "Investors in California have noticed these growing trends over the last couple of years and have actively been seeking apartment communities in close proximity to cities outside of California with strong growth and demand."

Thanks to population growth, multifamily is the favored asset class for capital arriving in the market. "The PNW metro's multifamily market continues to benefit from an increasing influx of residents that have been priced out of more expensive West Coast markets," says Levin. Portland is among the region's top growth markets, boasting stable rents and a decreasing vacancy rate. "This secures its spot as a prime market for investors to consider when seeking multifamily properties on the West Coast that are outside of California," he adds.