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2017 Urban Seattle Apartment Study bainbridge fremont gr island eenlake ballard UNIVERSITY DISTRICT D K I R K L A N A G N O L I u n i o n madison park M A L a k e Anne Queen dick's BURGERS south lake union CAPITOL HILL L a k e S e a t t l e pine st W a s h i n g t o n pike st ICT DISTR central ta x i W at e r ON BEAC HILL h W seattle a c Pioneer Square jefferson golf course b e l k i SODO A cent Ea R e c o r d s ury l sy ink street Saf ec o georgetown Dylan Simon Jerrid Anderson Matt Laird SEATTLE NEIGHBORHOOD APARTMENT STUDY 2017 An Analysis of the 5 Unit to 50 Unit Urban Apartment Market “The winds and waves are always on the side of the ablest navigators.” - Edward Gibbon Cover illustration by Annalise Olson Seattle Neighborhood Apartment Market Study | 2017 Introduction We Sell Apartments Faster, and for More Money Welcome to the Seattle Multifamily Team. We’re a team of commercial real estate brokers specializing in helping investors buy, sell and develop apartment buildings in Seattle and the Puget Sound region. We broker deals from $1M to over $100M, from 5 units to more than 500 units. Integrity is the cornerstone of our best-in-class service, and we have a track-record of successful closings and satisfied clients to prove it. Simply put, we help our clients outperform the competition. When you hire us you’ve hired the best, and we look forward to working with you in 2017. Sincerely, Jerrid Anderson WWW.SEATTLEMULTIFATMILYTEAM.COM 1 2017 | Seattle Neighborhood Apartment Market Study BALLARD UNIVERSITY DISTRICT GREENLAKE WALLINGFORD FREMONT KIRKLAND QUEEN ANNE WEST SOUTH CAPITOL BELLEVUE LAKE UNION HILL BELLTOWN FIRST DOWNTOWN HILL PIONEER SQUARE SOUTH DOWNTOWN WEST SEATTLE CENTRAL DISTRICT BEACON HILL RAINIER VALLEY 2 COLLIERS | SEATTLE MULTIFAMILY TEAM WA 900 Seattle Neighborhood Apartment Market Study | 2017 TABLE OF CONTENTS HOW TO USE THIS MARKET STUDY 4 WHO WE ARE 5 2016 YEAR IN REVIEW 7 2016 Market Metrics & Fundamentals 2017 - Future Development Pipeline Regional Employment Trends 2016 SALES & FUTURE DEVELOPMENT 17 Capitol Hill/Madison Valley 18 Belltown/Downtown/ Pioneer Square/S. Downtown 20 Queen Anne 24 South Lake Union/Eastlake 26 Greenlake/Wallingford/Fremont 28 Ballard 30 University District 32 Central District/Beacon Hill/Rainier Valley 34 West Seattle 36 First Hill/Yesler Terrace 39 West Bellevue/Redmond/Kirkland 40 SOURCES 42 WWW.SEATTLEMULTIFATMILYTEAM.COM 3 2017 | Seattle Neighborhood Apartment Market Study HOW TO USE THIS MARKET STUDY This study is a resource for all your apartment investment needs in 2017. We compiled the best local and national research on the apartment market in Seattle, and we include our own analysis and insights about emerging trends and opportunities. Market Fundamentals Development Pipeline Discover the latest rent and vacancy trends for Seattle’s urban Review 2010 - 2016 deliveries in each urban neighborhood, neigborhoods, as well as how rent per unit and rent per square and find out how many units are planned for 2017 through foot grew during the last market cycle. 2020 and beyond. > Rent & Vacancy Trends > Historical Sales Trends > Data on every 5 unit to 50 unit sale in 2016 Employment Trends Market Insights Learn about regional job growth in the greater Seattle area. Throughout the study, check out our market insights about Find out which industries are growing the fastest, and potential investment opportunities, emerging examine yearly employment trends. neighborhoods, and future real estate trends. 4 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017 WHO WE ARE Colliers’ Seattle Multifamily Team is a team of dedicated, expert commercial We believe in building a long-term relationship, not just brokering a transaction. real estate brokers working for apartment owners, developers, and investors. We take a unique approach to the business, serving a broad range of investors in the market in order to understand the market better than anyone - and Our goal is to help you maximize your return on investment, whether we deliver expert market knowledge to our clients. sell your apartment building faster and for more money or we ensure your purchase is a sound investment. OUR EXPERTISE OUR ADVANTAGE 20 - 100 100+ Best-in-Class 11,500+ Unit Buildings Unit Buildings Marketing Buyer Database Development Micro & Efficiency Industry-Leading Expert Market Land Unit Buildings Research Analysis WWW.SEATTLEMULTIFATMILYTEAM.COM 5 2017 | Seattle Neighborhood Apartment Market Study URBAN SEATTLE TRACK RECORD HIGHLIGHTS Property Units 2 1 Georgetown Portfolio 11 2 Lake City Micros (Entitled Development Site) 152 8 3 1405 Dexter Avenue (Entitled Development Site) 99 1415 4 1820 Boylston (Entitled Development Site) 55 5 Footprint Delridge 16 6 Uptown 11 34 18 Apartment Development Efficiency Sales Site Units 7 Avalon II (Entitled Development Site) 104 8 320 N 85th Street (Development Site) 224 9 Union Bay Apartments 73 10 80 Main Apartments 45 On the Market or Sold Pending 11 East Howe Steps 96 12 Queen Anne Land Portfolio (Development Site) 115 3 11 13 King & 16th (Development Site) 5 16 14 Sedona Micro Apartments 80 6 9 12 4 15 Sedona Phase II (Entitled Development Site) 215 17 22 16 Zadra Apartments 4 21 17 Pearl Apartments 80 10 18 Arlene’s Apartments 6 20 13 19 Estelle Apartments 15 20 Stadium Terrace (Entitled Development Site) 107 21 Vesper Apartments 72 22 2220 E Union Street (Development Site) 144 19 7 1,381 $175M 5 SOLD IN 2016 UNITS SOLD IN 2016 1 6 COLLIERS | SEATTLE MULTIFAMILY TEAM 2016 YEAR 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017 2016 YEAR IN REVIEW 2016 Market Metrics & Fundamentals 2017 - Future Development Pipeline Regional Employment Trends WWW.SEATTLEMULTIFATMILYTEAM.COM 7 2017 | Seattle Neighborhood Apartment Market Study % % BP IN REVIEW 2016 YEAR 2016 YEAR 2016 $1,408 6.1 $2.17 6.4 3.6% 170 NEIGHBORHOOD MARKET AVG RENT PER UNIT AVG RENT PER SF CURRENT VACANCY FUNDAMENTALS $1,327 6.2% $2.04 6.3% 1.9% 20BP 2015 AVG RENT PER UNIT AVG RENT PER SF VACANCY 2016 was another year of tremendous rent growth in 5-50 unit apartment buildings across Seattle (6.1%). Continued growth coupled with below- market vacancy, in spite of the mounting delivery of new units, makes it 2014 $1,249 $1.92 2.1% even more impressive. AVG RENT PER UNIT AVG RENT PER SF VACANCY The three-year pipeline for Urban King (2017 – 2019) is now over 36,000 28,303 40,772 units, with almost 28,000 of these units underway. 2017 will prove a year UNITS DELIVERED UNITS PLANNED to watch the interplay between rental rate growth and vacancy rates. Expect the trend of remarkable rent growth and low vacancy in boutique 17,069 buildings to continue as they remain more affordable than the thousands of 10,665 new units being delivered. 8,719 Rent ComparablesRent Comparables Report Report Data $2,000 $2,500$2,000 6,678 9.0% 6,449 $1,800 $1,800 8.0% $1,600 $1,600 Rate Vacancy $2,000 7.0% $1,400 $1,400 5,155 6.0% $1,200 $1,500$1,200 4,060 4,399 5.0% $1,000 $1,000 3,351 4.0% $800 $1,000$800 Monthly Rent Monthly 2,645 2,696 3.0% $600 $600 2,111 2.0% $400 $500$400 1,717 1,389 1.0% $200 $200 1,046 1,078 942 807 883 619 620 $0 $0$0 0.0% Spring FallSpringSpringFall SpringFall FallSpringSpring FallFall SpringSpringFall SpringFall FallSpringSpring FallFall SpringSpringFall FallSpring SpringFall SpringFallFall SpringSpring FallFallSpringSpringFall SpringFall FallSpringSpring FallFallSpringSpringFall SpringFall FallSpringSpring FallFall 2016Spring 2017Fall 2018 20Spring1 Fall Spring Fall Spring Fall 2016 2017 2018 201 2000 20002000 20012000 20012001200120022002 20022002200320032003 20032004 200420042005 20042005 20062005200620052007 20072006200820062008 20072009 200920072010 20082010 201120082011 20092012 20122009201320102013 20102014 201420112015 20112015 2012 2012 2013 2013 2014 2014 2015 2015 2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 Rent & Vacancy Data Provided by Dupre + Scott Monthly Rent Vacancy Rate Units Delivered Units Planned For more comprehensive data, visit: www.duprescott.com Development data is for all building sizes 5 units & larger 8 COLLIERS | SEATTLE MULTIFAMILY TEAM Rent ComparablesRent Comparables Data - 1/7/2016 Data - 1/7/2016 - Page - Page 1 of1 of 2 2 This information is fromThis information our surveys is from for our surveysThe Apartment for The Apartment Vacancy Vacancy Report, Report, B) CopyrightB) Copyright by Dupre by + Scott Dupre Apartment + Scott Advisors, Apartment Inc. Advisors, Inc. 2016 YEAR 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017 2016 SALES & HISTORICAL SALES TRENDS 2000-2016 SALES TRENDS $450 7.0% $401 6.3% 6.2% 6.3% $400 5.9% 6.0% 5.7% 5.5% 5.6% 5.5% $350 $335 5.0% 5.1% $295 5.0% 4.8% $300 4.5% 4.5% 4.5% 4.2% 4.1% $253 3.9% 4.0% $250 $225 $232 $205 $213 $202 $195 $200 $174 $175 Cap Rate 3.0% $161 $151 $144 $150 $150 $136 Price Per Square Foot 2.0% $100 1.0% $50 $0 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Year Year Record Setting Sales of newly constructed apartment buildings with modern amenities and smaller units is the leading factor contributing to the 20% increase in the average price per square foot in 5-50 unit sales.
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