MARKET TRENDS SEATTLE MULTIFAMILY

MARKET TRENDS | SEATTLE

MULTIFAMILY

| | | VACANCY

UNEMPLOYMENT

RENTAL RATE

CONSTRUCTION DELIVERIES

3RD QUARTER

2019

TOP SALE TRANSACTIONS FOR 3Q 2019

Property

Met Tower Bell Overlake Apartments Lux Woodlake Apartments Indigo Springs Apartments

Submarket

Denny Triangle Overlake Downtown Bellevue Inglewood-Finn Hill East Hill-Meridian

# of Units

366 243 137 288 302

Sale Price

$216,100,000 $96,000,000 $95,000,000 $95,000,000 $78,750,000

Price /Unit

Buyer

$590,437 $395,062 $693,431 $329,861 $260,762

Continental Properties LLC Bell Partners, Inc. Low Tide Properties Ltd. Sares-Regis Group Decron Properties

Seller

CBRE Global Investors Ltd. White Peterman Properties Inc. Continental Properties LLC Starwood Capital Group Kennedy Wilson Properties

TOP UNDER CONSTRUCTION

Property

Onni Towers-Phase II Onni Towers 1200 Stewart St. The Village @ Totem Lake Terrace Station

Address

1120-1122 John St. 1120 Denny Way 1200 Stewart St. 12601 120th Ave. NE 23811 60th Ave.

Submarket

South Lake Union South Lake Union Denny Triangle Totem Lake Gateway

# of Units Owner

1,200 1,128 1,050

851 600

Onni Group Onni Group Westbank Projects Corp. CenterCal Properties Rainier Pacific Properties

Delivery Date

December 2021 September 2020 November 2020 May 2020 July 2020

TOP COMPLETED CONSTRUCTION FOR 3Q 2019

Property

Wellstone @ Bridgeport Uptown @ Kirkland Urban Rise Parkside

Address

12535 Bridgeport Way SW 550 Uptown Court 829 NE 67th St. 15551 NE Turing St.

Submarket

Pacific Downtown Kirkland Roosevelt Overlake

# of Units Owner

208 Momentum Partners 185 PGIM, Inc. 183 Barcelo Homes, Inc. 166 Daiwa House Group

Delivery Date

July 2019 August 2019 July 2019 September 2019

Market Breakdown

New Construction Under Construction Vacancy Rate Average Asking Rents Average Price / Unit Cap Rates Net Absorption

3Q 2019 1,943

26,299 4.9%

$1,640 $200,099

4.90% 2,426

2Q 2019 3,956

26,346 5.0%

$1,649 $206,149

5.10% 4,961

3Q 2018 4,066

29,759 5.2%

$1,583 $233,229

5.00% 3,702

Annual % Change -52.21% -11.63% -5.77%

3.60% -14.20%

-2.00% N/A

Average Rent

Unit Size Studio 1 Bedroom 2 Bedroom 3 Bedroom

Monthly Rent $1,370 $1,518 $1,749 $2,003

3Q 2019 | SEATTLE | MULTIFAMILY | KIDDER MATHEWS

NEW CONSTRUCTION & ABSORPTION

16M 12M

8M 4M

AVERAGE ASKING RENT/UNIT & VACANCY RATE

$1600

8%

$1200

6%

$800

4%

$400

2%

2009 2010 2011 2012 2013 New Construction (SF) Absorption (SF)

2014

2015

2016

2017

2018

YTD

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Asking Rent/Unit

Vacancy Rate

NUMBER OF SALES TRANSACTIONS

700 600 500 400 300 200 100

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD # of Transactions

AVERAGE SALES PRICE/UNIT & CAP RATES

$250K

10%

$200K

8%

$150K

6%

$100K

4%

$50K

2%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Sale Price/Unit

Cap Rate

The information in this report was composed by the Kidder Mathews Research Group.

JERRY HOLDNER Director of Research 949.557.5050

jerry.holdner@

BRIAN HATCHER Regional President, Brokerage Northwest 206.296.9600

brian.hatcher@



Kidder Mathews is the largest, independent commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, property management, consulting, project and construction management, and debt equity finance services for all property types.

COMMERCIAL BROKERAGE

20M

ANNUAL SALES SF

420+ NO. OF BROKERS

$9B

ANNUAL TRANSACTION VOLUME

40M

ANNUAL LEASING SF

VALUATION ADVISORY

1,600+ APPRAISALS ANNUALLY

39/24 TOTAL NO. APPRAISERS/MAI'S

PROPERTY MANAGEMENT

70M+

MANAGEMENT PORTFOLIO SF

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT, OR OTHER PROFESSIONAL ADVISOR.

DATA SOURCE: COSTAR

3Q 2019 | SEATTLE | MULTIFAMILY | KIDDER MATHEWS

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