The Savvy Investor’s Top 3
Here’s what apartment investors in the South Puget Sound need to know this month.
Slow Start to Apartment Sales in 2023
Our team tracks all the apartment sales monthly in the Puget Sound. There have been 27 apartment sales so far this year and only 9 in February. Of the 27 total sales in the Puget Sound, 18 of them have been outside of Seattle showing the continued interest in suburban product.
This week our Team held our Semi-Annual Investor Forum
My partner Dylan Simon and Matthew Gardner (Chief Economist | Windermere Real Estate) discussed how current interest rates, monetary policy, and economic trends are impacting the apartment industry. Here are my three main takeaways from the investor forum:
- Recession: Matthew does not believe we are going into a true recession and believes capital markets will level out.
- Rates: Matthew believes the FED will increase rates 25 BPS during both of their next two meetings before starting to gradually lower them into 2024.
- Urban King: The market has been headed suburban but Seattle and Bellevue will rebound hard as workers come back to the office and layoffs have not been as extreme as reported.
Eastern Washington Apartment Report
We have seen 15 apartment sales in Eastern Washington to start 2023. My partner Max Frame recently released his Apartment Report diving into apartment dynamics east of the mountains.
Brandon is an apartment broker specializing in the sale of apartment buildings and off market acquisitions, with expertise in the South Puget Sound market.