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Seattle Multifamily 4th Quarter 2018 Real Estate Market Review Seattle Multifamily Top Sale Transactions for 2018 Property Submarket # of Units Sale Price Price/Unit Buyer Seller Avana 522 North Creek 558 $173,000,000 $310,036 Decron Properties The Blackstone Group LP Sparc Bel-Red 309 $150,000,000 $485,437 AGI Publishing Inc. USAA Real Estate Company The Reserve Apartments South Lake Washington 440 $143,000,000 $325,000 Griffis Residential Fairfield Residential The Griffis Residential South Lake Washington 440 $139,500,000 $317,045 Griffis Residential Fairfield Residential Cirrus Denny Triangle 355 $103,296,401 $290,976 GID Investment Advisors, LLC Squire Patton Boggs Top Under Construction Property Address Submarket # of Units Owner Delivery Date Onni Towers 1120 Denny Way South Lake Union 1,128 Onni Group November 2020 1200 Stewart St. 1200 Stewart St. Denny Triangle 1,050 Westbank Projects Corp. November 2020 The Village @ Totem Lake 12601 120th Ave. NE Totem Lake 851 CenterCal Properties, LLC August 2019 Tagore &156th Ave NE Tagore & 156th Ave. NE Overlake 658 City of Redmond January 2019 8549 E Martin Way 8549 E. Martin Way E. Olympia 623 The Wolff Company January 2019 Top Completed Construction Property Address Submarket # of Units Owner Delivery Date Hyde Square 2038 155th PI NE Crossroads 485 Carmel Partners June 2018 Kiara 111 Terry Ave. N South Lake Union 461 Holland Partner Group September 2018 McKenzie 2202 Eighth Ave. Denny Triangle 450 Clise Properties Inc. August 2018 Stratus 820 Lenora St. Denny Triangle 396 GID Urban Development Group January 2018 Sitka 1255 Harrison St. South Lake Union 384 Vulcan, Inc. December 2018 Market Forecast Trends Market Snapshot Average Rent Annual % Monthly 2018 2017 2016 Change Unit Size Rent New Construction 14,056 13,009 11,725 8.05% Studio $1,314 VACANCY UNEMPLOYMENT Under Construction 29,019 28,409 23,201 2.15% 1 Bedroom $1,448 Vacancy Rate 5.4% 5.6% 5.3% -3.57% 2 Bedroom $1,659 Avg Asking Rents $1,545 $1,500 $1,446 3.00% 3 Bedroom $1,891 Avg Sales Price/Unit $121,351 $222,116 $186,156 -45.37% RENTAL CONSTRUCTION Cap Rate 4.93% 4.98% 5.30% -1.00% RATE DELIVERIES Net Absorption 13,455 11,019 11,180 N/A YEAR-TO-YEAR BASIS 4th Quarter 2018 Seattle Multifamily Market Review | 1 NEW CONSTRUCTION & ABSORPTION IN UNITS AVERAGE ASKING RENT/UNIT & VACANCY RATE 15K $2,200 8% $1,950 7% 12K $1,700 6% 9K $1,450 5% $1,200 4% 6K $950 3% $700 2% 3K $450 1% 0 $200 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 New Construction Absorption Asking Rent/Unit Vacancy Rate GRM & NUMBER OF SALE TRANSACTIONS AVERAGE SALES PRICE/UNIT & CAP RATES 16 800 $250K 10% 14 700 12 600 $200K 8% 10 500 $150K 6% 8 400 6 300 $100K 4% 4 200 $50K 2% 2 100 0 0 $0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Gross Rent Multiplier (GRM) # of Transactions Sale Price/Unit Cap Rate Kidder Mathews is the largest, independent commercial real estate firm on the Contact West Coast, with more than 750 real estate professionals and staff in 21 offices The information in this report was composed in Washington, Oregon, California, Nevada, and Arizona. We offer a complete by the Kidder Mathews Research Group. range of brokerage, appraisal, property management, consulting, project and Jerry Holdner construction management, and debt equity finance services for all property types. Director of Research 949.557.5050 [email protected] COMMERCIAL BROKERAGE Brian Hatcher Regional President, Brokerage Northwest 503.221.9900 $7B 34.6M 16.5M 380+ [email protected] kiddermathews.com ANNUAL ANNUAL ANNUAL # BROKERS TRANSACTION LEASING SF SALES SF VOLUME PROPERTY MANAGEMENT VALUATION ADVISORY This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to 50M+ 1,500 37/23 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. MANAGEMENT ASSIGNMENTS TOTAL # CONSULT YOUR ATTORNEY, ACCOUNTANT, OR PORTFOLIO ANNUALLY APPRAISERS/MAI’S OTHER PROFESSIONAL ADVISOR. Data Source: CoStar 4th Quarter 2018 Seattle Multifamily Market Review | 2.
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