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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.
Seattle has the smallest apartments in the U.S.
Move over tiny houses; Seattle ranks number one as the city with the tiniest apartments in the U.S. According to a new report by apartment listing service RentCafe, the Emerald City leads the trend in diminishing apartment space, with an average size of 661 square feet. Portland is close behind, with new apartments measuring 685 square feet.
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.
Eastside office leasing on a roll
In the first half of 2024, office tenants have signed for at least 4.2 million square feet in greater Seattle, led by 2 million square feet in Bellevue and other Eastside cities. CoStar data reveals that this is the strongest office leasing in the first half of any year since 2019.
Rising Costs Impacting Puget Sound Apartment Construction in 2024
The Puget Sound region, encompassing King, Snohomish, Pierce, and Kitsap counties, has seen a dynamic shift in apartment development over the past decade. A recent overview from Kidder Mathews’ Simon | Anderson Multifamily Team provides insights into the current state of the development pipeline, which includes more than 150,000 planned apartment units and nearly 800 individual developments.
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 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.
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.
Patrinely and Dune Real Estate’s 485,000 SQFT Four106 Tops Out In Downtown Bellevue
Patrinely and Dune Real Estate’s Speculative Office Tower Set for Completion in Q2 2025. Bellevue, July 11, 2024 — Patrinely, in partnership with affiliates of Dune Real Estate Partners, announces that construction has officially topped out on Four106, the 485,000-square-foot office tower in Downtown Bellevue. “We are excited...
$40MM Permanent Loan Secured to Refinance 235-Unit The Mercer Apartments on Seattle’s Mercer Island
The Mercer Apartments on Seattle’s Mercer Island Offers 235-Class A Apartments over 20,000 Square Feet of Street Front Retail Space in Two Buildings; Low Leverage Life Company Loan Positions Asset for Legacy Hold with Attractive Terms and Rate. Seattle, Wash. (July 18, 2024) – Gantry, the largest independent commercial...
“The Southard:” Homeownership that is inclusive and sustainable
Patti Southard, a nationally-acclaimed pioneer in her field, was a Green Building Program Manager for King County Solid Waste Division, within the Department of Natural Resources and Parks, for 14 years, until she passed away in 2019. Homestead Community Land Trust held a ribbon-cutting event on Friday, June 28, 2024...
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.
American Capital Group, Clarion Form JV for Lynnwood MF Project
American Capital Group and Clarion Partners have created a joint venture to develop Enso, a 316-unit multifamily project in Lynnwood, Washington. Pacific Life Insurance Company served as the construction lender for the development, with construction scheduled to commence in August 2024 and anticipated to reach completion by Summer 2026. “Enso could not come at a more critical time as home ownership has become too costly for many, and capital market dynamics have slowed new multifamily housing starts,” said BJ Kuula, CEO of ACG.
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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