The Savvy Investor’s Top 3
Here’s what apartment investors in the South Puget Sound need to know this month.
Key South Puget Sound Takeaways from our 2022 EOY Market Wrap-up
South King County boasts the highest occupancy across the Puget Sound with continued demand for suburban apartments directly south of Seattle and Bellevue.
Overall apartment sales are down dramatically from years past: This market has averaged 103 sales per year for the last six years, but it’s looking at just around 55 transactions in 2022. That being said, cap rates continue to compress.
2022 Simon | Anderson Multifamily Team Year In Review
Our team had its biggest year yet in 2022 and you, are clients, are the ones to thank. In 2022 we closed 54 transactions ranging from $105M to $600K throughout the state of Washington.
South King Sales Insight
Overall sales volume in South King has slowed in 2022, but total transactions will be similar to 2021. However, despite fewer institutional transactions this year, we don’t expect this trend to continue – especially as loans start to mature from the massive sales in 2015 and 2016. Rather, we believe that the negative sales metrics (cap rate, price per unit, and price per square foot) are the direct results of the decrease in overall institutional sales.