MARKET TRENDS | SEATTLE MULTIFAMILY 3RD QUARTER VACANCY | UNEMPLOYMENT | RENTAL RATE | CONSTRUCTION DELIVERIES 2020 Year-over-year change TOP SALE TRANSACTIONS FOR 3Q 2020 # of Sale Price Property Submarket Units Price /Unit Buyer Seller Kiara South Lake Union 461 $320,000,000 $694,143 Oxford Properties Group Holland Partner Group Modera First Hill First Hill 288 $125,000,000 $434,028 Global Asset Capital, Inc. Mill Creek Residential Trust LLC ALTO Apartments Belltown 185 $66,454,000 $359,211 Rise Properties Trust Hartz Mountain Industries, Inc. Clock Tower Village Apartments Outlying McChord 188 $59,975,000 $319,016 The Shidler Group Sunroad Holding Corp. Delano Education Hill 126 $51,500,000 $408,730 G.W. Williams Co. Essex Property Trust, Inc. TOP UNDER CONSTRUCTION # of Property Address Submarket Units Owner Delivery Date Onni South Lake Union Phase II 1120-1122 John St South Lake Union 1,200 Onni Group December 2021 Onni South Lake Union 1120 Denny Way South Lake Union 1,128 Onni Group March 2021 1200 Stewart Street 1200 Stewart St Denny Triangle 1,050 Westbank Projects Corp. December 2021 The Village at Totem Lake 12550-12650 120th Ave NE Totem Lake 851 CenterCal Properties LLC October 2020 2301 Seventh Ave 2301 Seventh Ave Denny Triangle 610 Onni Group June 2021 TOP COMPLETED CONSTRUCTION FOR 3Q 2020 Property Address Submarket # of Units Owner Delivery Date Capitol Hill Station 118 Broadway E Capitol Hill 428 Capitol Hill Housing July 2020 The View by Vintage 9800 219th Ave E Outlying Puyallup 408 Hearthstone Housing Foundation August 2020 Midtown 64 6800 S 246th St Riverfront 365 Goodman Real Estate Inc. September 2020 Market Breakdown Average Rent Annual % 3Q 2020 3Q 2020 3Q 2019 Change Unit Size Monthly Rent New Construction 3,208 1,285 2,972 7.94% Studio $1,330 Under Construction 23,744 26,069 27,562 -13.85% 1 Bedroom $1,495 Vacancy Rate 6.6% 6.1% 5.5% 20.00% 2 Bedroom $1,760 Average Asking Rents $1,622 $1,641 $1,627 -0.31% 3 Bedroom $2,067 Average Price / Unit $326,851 $196,870 $193,885 68.58% Cap Rates 5.1% 5.0% 4.8% 6.25% Net Absorption 572 (358) 2,891 N/A 3Q 2020 | SEATTLE | MULTIFAMILY | KIDDER MATHEWS NEW CONSTRUCTION & ABSORPTION AVERAGE ASKING RENT/UNIT & VACANCY RATE 16K $1.6K 8% 14K $1.4K 7% 12K $1.2K 6% 10K $1K 5% 8K $800 4% 6K $600 3% 4K $400 2% 2K $200 1% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD New Construction Units Absorption Units Asking Rent/Unit Vacancy Rate NUMBER OF UNITS SOLD & GROSS RENT MULTIPLIER (GRM) AVERAGE ASKING SALES PRICE/UNIT & CAP RATES 32K 16% $240K 8% 28K 14% $210K 7% 24K 12% $180K 6% 20K 10% $150K 5% 16K 8% $120K 4% 12K 6% $90K 3% 8K 4% $60K 2% 4K 2% $30K 1% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Asking Sales Price/Unit Cap Rate Number of Units Sold GRM Kidder Mathews is the largest, independent commercial real estate firm on the West Coast, with 900 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. The information in this report COMMERCIAL BROKERAGE was composed by the Kidder Mathews Research Group. ANNUAL NO. OF 27M SALES SF 450+ BROKERS GARY BARAGONA Director of Research ANNUAL ANNUAL 415.229.8925 $9.6B TRANSACTION 42M LEASING SF [email protected] VOLUME BRIAN HATCHER VALUATION ADVISORY Regional President, Brokerage Northwest APPRAISALS TOTAL NO. 206.296.9634 1,680+ ANNUALLY 37/23 APPRAISERS/MAI’S [email protected] PROPERTY MANAGEMENT MANAGEMENT IN ASSETS UNDER PORTFOLIO SF MANAGEMENT KIDDER.COM 70M+ $12B+ 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 2020 | SEATTLE | MULTIFAMILY | KIDDER MATHEWS.