Seattle

Positive multifamily fundamentals have resulted in a second multifamily purchase in a month; specifically, RISE Properties Trust purchased Copper Creek Apartments in Puget Sound for $35.4 million.

Luna Sol is an example of lower entry-level pricing coupled with improving property performance which is resulting in investor competition in suburban locations and robust asset appreciation.

The Bellwether sale provides a further testament to the strength of the Seattle apartment market, with its nation-leading job growth attracting young professionals, and many multifamily investment opportunities.

Downtown is home to the largest share of that growth, and this continued investment shows a high level of confidence in the metro and contributes to a strong economy.

Decron plans to invest approximately $400 million in the Seattle market during the next 36 months after its recent purchase of Avana 522, a 558-unit multifamily property in Bothell for $173 million.

Due to the housing constraints found in the Seattle market, there are many cases where developers tear down a single house and squeeze in three to four townhomes on that single lot, often with no parking.

The National Center for Educational Statistics data projects the student population will reach 23 million by 2020, and the population between the ages of 18 and 24 is projected to continue increasing through 2050.

Tech and co-working dominated the Puget Sound office market in the first and third demand positions, and a second source of demand driver is coming from finance, insurance and real estate companies.