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REAL ESTATE
6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
Over the course of the next five years, some real estate markets are going to go bust and some are about to boom. If you are thinking about investing in property — whether residential or commercial — you might want to get in on a few cities that are expected to be great investments through 2029.
Marcus & Millichap Arranges $16 Million Sale of Orchard Park in Port Orchard, Washington
PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale of Orchard Park, a 66-unit property in Port Orchard, about 17 miles west of Seattle. The asset traded hands for $16 million. Orchard Park was built in 1981. The community offers units in one-, two- and three-bedroom layouts. The property was 96 occupied at the time of sale.
Owner of Former Lusty Lady Building Purchases 27-Unit Marketside Flats in Seattle for $10.2MM
Another multifamily community in Seattle has traded hands recently. Marketside Flats, a 27-unit apartment building, was purchased for $10.2 million, or approximately $377,777 per unit, according to King County public records. A report from the Puget Sound Business Journal shows that the buyer was entrepreneur Andrew Conru, who also owns the former Lusty Lady building on Post Alley, which sits nearby. The seller was an entity affiliated with Mack Real Estate Group.
Washington ranks fourth highest in U.S. for homeownership costs
SEATTLE - Washington homeownership costs rank as the fourth most expensive in the U.S. according to a recent study conducted by Cinch Home Services. The study analyzed the property taxes, mortgage payments, and maintenance fees for median-priced homes in each state to identify states most susceptive to high housing costs.
Shoreline to help struggling apartment developer; again
With 3,010 units coming soon, Shoreline has more new apartments under construction than any other King County suburb. Yet, amid a housing affordability crisis, more than nine vacant lots and blocks of derelict homes blight Shoreline neighborhoods as high interest rates cause some developers to struggle to get the construction loans needed to start building.
Seattle's accessory dwelling unit boom continues, outnumbering single-family permits 2 to 1
Seattle has entered a new era of housing, with skyrocketing permits for backyard cottages and in-home apartments, primarily in the city's single-family zoned neighborhoods.
Seattle Social Housing Developer Selects Roberto Jimenez as First CEO
Seattle, WA – July 18, 2024 – The Seattle Social Housing Developer (SSHD) is pleased to announce the appointment of Roberto Jimenez as its inaugural Chief Executive Officer. With an impressive background in affordable housing and community development, Jimenez brings a wealth of experience and visionary leadership to SSHD at a pivotal time in the organization’s growth.
Gantry Secures $40M for Seattle Multifamily
Gantry has secured a $40 million permanent loan to refinance The Mercer Apartments located at 7650 SE 27th Street & 2558 76th Ave. SE on Mercer Island, a Puget Sound community positioned between Seattle and Bellevue, Washington. The unit mix includes studio, one-, and two-bedroom floorplans, with the property’s street-fronting...
Seattle Signs Law to Support Office-to-Housing Conversions
Seattle Mayor Bruce Harrell recently signed a proposed bill that would promote the conversion of vacant and underused buildings into affordable housing. The measure would help developers looking to convert existing buildings from commercial to residential uses. The proposed changes aim to make it easier and more straightforward to convert existing structures into residential use, supporting housing development in the city, particularly in and near downtown.
KKR Buys 211,000 SQFT Cascadian in Seattle for $161.76MM
Seattle’s life science market continues to draw investors with the purchase of an asset in the city’s Cascade district. According to King County public records, an entity affiliated with KKR purchased the property, known as the Cascadian, for $161.76 million, or about $766 per square foot, via a deed in lieu of foreclosure. The seller was an entity affiliated with Invesco Real Estate.
Seattle Industrial CRE Market Sees Uptick in Q2 2024: Key Trends and Insights
As 2024 progresses, Seattle’s industrial commercial real estate market has seen a resurgence in activity, following a sluggish start to the year. The second quarter brought a wave of notable developments and trends that signal a cautiously optimistic outlook for the region, according to a recent Q2 2024 industry market report by brokerage firm Kidder Mathews.
Developers break ground on mixed-use project at former Northgate Mall site
Simon Property Group recently broke ground on a 234-unit, mixed-use development at Northgate Station. It’s located at the former Northgate Mall site. First deliveries for the luxury apartments are expected in 2026. GGLO is serving as the architect for the project, while Compass Construction is serving as the general contractor.
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