The apartment building market is Seattle is totally hot right now, according to figures that came out in the Puget Sound Business Journal. They are saying that in 2012, investment in apartment buildings went up a whopping 87 percent.
"We are kind of again at the peak," David Young, an apartment broker with JLL, said during a Wednesday presentation to members of NAIOP, a commercial real estate trade group. "Everybody wants in this market."This situation means Seattle is not far from the magical pre-recession year 2007, when nearly $300 M worth of apartments were sold. One stand out from 2012 was the sale of the downtown's Aspira high rise for $165.7 million.
· Apartment building market firing on all cylinders in Seattle [Puget Sound Business Journal]