SEATTLE, WA-The three-year-old multifamily property lists for $12.5 million, a 7.2% cap rate, as prices in the market continue to show strong appreciation. Multifamily prices rose from $70,186 per unit to $80,295 in the first nine months of 2002, according to one study.

SAN DIEGO, CA-The nation's third-largest hotel REIT plans to use sales proceeds to maximize its financial flexibility and liquidity. The sale of the 317-room hotel was MeriStar Hospitality Corp.'s fifth such transaction for 2002.

SEATTLE, WA-The Downtown Seattle office market experienced a slight rise in vacancy during the fourth quarter of 2002. Recently published research by CB Richard Ellis finds office vacancy rates increased from 14.57% to 15.44% in the fourth quarter.

SPOKANE, WA-The power tool wholesaler begins construction on a $750,000 project that will upgrade and expand its store at 801 E. Trent. The renovation will involve tearing down 4,400 sf of the 12,000-sf store's current space and adding another 12,000 sf.

LA JOLLA, CA-The 270,000-sf project will house the Rebecca and John Moores UCSD Cancer Center upon completion. Slated for build-out in November 2004, the development is rising on 2.4 acres on the East Campus of the University of California, San Diego.

SAN DIEGO-A state appeals court upholds a ruling declaring that the Coastal Commission's structure violates the state constitution. The challenge was leveled the Building Industry Association of San Diego and four other real estate trade associations.

SAN BERNARDINO, CA-The region kicks off the New Year with a rise in employment, according to a new report. The level has dropped from 5.7% to 5.4% in a month's time. It's good news for the Southland industrial stronghold.

SEATTLE-A new Extended Stay America Efficiency Studios hotel opens its doors for business in Seattle, marking the first property here for Extended Stay America Inc. The three-story, 131-room hotel is located at 13330 Stone Ave. North.