seattle apartment market study A Definitive Study of Seattle’s Apartment Market Dynamics & Development Pipeline Dylan Simon Author
Dave Schumacher Sr. Vice President
Jerrid Anderson Associate
colliers international
“To achieve superior investment results, your insight into value has to be superior. Thus you must learn things others don’t, see things differently or do a better job of analyzing them – ideally all three.” —Howard Marks
Oaktree Capital Management
2015 Seattle Apartment Market Study
I
n the last several years, Seattle’s economic growth and dynamism as a destination city for the nation’s top employers and employees alike has garnered it significant attention—especially from the commercial real estate community. As measured from nearly every traditional metric of apartment investment—rent appreciation, vacancy, development and job growth— Seattle is deserving of recent attention gained. The purpose of this study is to assist and guide apartment developers, investors and owners in gaining deeper insight into the fundamentals driving the market’s ascension. In order to facilitate this goal, we have prepared this study with a broad scope, both geographically and topical. GEOGRAPHIES COVERED
As far as geographies covered, this study is broken down into a study of King County and Snohomish County. Within each county we have dissected the regions into urban markets and geographic submarkets: north, east and south. Vertical tabs on each page are provided as a guide to provide quick navigation to each market.
TOPICS COVERED We have taken a comprehensive and granular look at each market and each urban neighborhood. In this study you will find the following topics covered: • 2014 Year-in-Review • Submarket Dynamics o Historical Sales Trends o Snapshot of Rent & Vacancy Trends o 2000—2014 Job Growth Trends o 2014 Sales Transaction Summary & List o 2015—Future Development Pipeline This study would not be possible without an amazing amount of hard work from our team and data providers, all listed by topic on page 88. We would like to extend special thanks to Dupre + Scott and encourage all readers to subscribe as a direct source of data and analytics—far beyond the snapshot we provide here. Subscribe here: WWW.DUPRESCOTT.COM We invite you to use this study as a tool and to call us directly to discuss your apartment investment goals and how using our advisory services will help you outperform the market.
Colliers International Seattle
1
2015 Seattle Apartment Market Study
north snohomish
south snohomish
north King
east king
urban king
south king
2
Colliers International Seattle
2015 Seattle Apartment Market Study
Table of Contents 2014 Year in Review 2014 Metrics & Fundamentals > Sales > Rent Growth > Vacancy 2015 Development Pipeline 2000-2014 Job Growth
Urban King
Downtown South Downtown/Pioneer Square Capitol Hill First Hill/Yesler Terrace Belltown Queen Anne South Lake Union Central Area/Beacon Hill/Rainier Valley Greenlake/Wallingford/Fremont University District West Seattle Ballard West Bellevue Kirkland
5
15
North King
49
North Snohomish
73
East King
57
South Snohomish
81
Sources
88
Bothell Shoreline North Seattle
East Bellevue Factoria Issaquah Juanita Redmond Woodinville
South King
Auburn Burien Des Moines Federal Way Kent Renton Riverton/Tukwila SeaTac White Center
Central Everett Paine Field Silver Lake
Edmonds Lynnwood Mill Creek Mountlake Terrace Thrashers Corner
65
Colliers International Seattle
3
2015 Seattle Apartment Market Study
Dylan Simon
Multifamily Investment Sales O 206 624 7413 M 206 414 8575
[email protected] www.dylansimon.com
Dylan’s market expertise is in the sale of apartment buildings and development land in Seattle and the Puget Sound region. Although Dylan has a keen understanding of urban dynamics, his greatest strength is in the study of key components of market and economic analysis, thereby leading his clients to the greatest degree of value creation in any geographic market. Whether focused on the sale of an existing apartment building or pursuit of a development opportunity, Dylan’s clients gain market-leading value through his multidisciplinary approach to the brokerage business and best-in-class marketing, sales and negotiation techniques. Academic: > UCLA School of Law, Juris Doctorate > UCLA Anderson School of Management, Joint Studies > University of Washington, Certificate in Commercial Real Estate > California State University, BS, Mechanical Engineering Organizations & Affiliations > National Multifamily Housing Council, Member > Urban Land Institute, Northwest Chapter Member > NAIOP, Chapter & Program Committee Member > Washington & California Designated Broker > Washington & California, Member of the Bar Personal Interests: > Hiking in the Great Northwest > Skiing in and out of bounds > Traveling, food & libation
4
Colliers International Seattle
Dave Schumacher
Senior Vice President O 206 382 8555 M 425 985 8528
[email protected]
Dave Schumacher joined Colliers in November 2010. Formerly with Columbia Partners, a multifamily brokerage firm Dave founded in 1991, they bring unmatched experience and multifamily expertise. In his 38 years brokering apartment sales, Dave has worked on deals from Juneau, Alaska, down to Portland, Oregon. The majority of his work has been in the Puget Sound area—particularly King and Snohomish Counties. Dave’s clients include REITs and large institutional players, local and national syndicators and wealthy individuals. > 38 years of multifamily sales experience > Over $2 billion in multifamily transactions > Widely recognized as one of Seattle’s top apartment brokers > Strong client relationships with the leading pension fund advisors, REITs, and large syndicators as well as high net worth individuals and families > Rookie of the Year in his first year > Remained the top apartment broker in the Seattle office for most of his first 14 year tenure with CBRE > 1990 Top CBRE investment broker in the country
Jerrid Anderson
Associate O 206 382 8555 M 206 499 8191
[email protected]
Jerrid is a broker with Colliers International and has over nine years of experience in real estate investment and sales. His first job was working for his family’s business helping buy, renovate, sell, develop and manage various real estate investments. After graduating with a Bachelor Degree in Business, Jerrid attained his real estate license and began selling residential real estate. It wasn’t long until he was recruited to commercial real estate brokerage with Colliers International. Jerrid’s current focus on apartment sales is a perfect fit for his background. His combination of skills in acquisition rehab, financial analysis, and sales help him analyze assets at a granular level and provide the greatest value to his clients. Academic: Jerrid received his Bachelor of Business degree, in Entrepreneurship from Washington State University in Pullman, Wa. Civic Activities: > Community For Youth Mentor > Member, NAIOP Washington Chapter Personal Interests: > Basketball and football > Traveling and culture > Mountain biking
2014 year in review Colliers International Seattle
5
2014 year in REVIEW
2015 Seattle Apartment Market Study
2014 year in REVIEW
2015 Seattle Apartment Market Study In 2014, the Seattle apartment investment market experienced yet another record setting year by nearly every measure. The story of 2014 was that of continued economic vibrancy in the region and new apartment development to meet job demand.
As the following numbers illustrate, investment in the Seattle apartment market is at an all-time high and apartment fundamentals—by all measures—continue to show strength as we enter 2015.
The combination of new employers and new jobs added to the market plus the addition of newly-developed, high-end Class A apartments spurred both rent appreciation and low vacancy— sustaining the continuation of an expansion cycle.
“Nearly every measure was up in 2014—over 8.5% y-o-y rent growth, more than 8,000 units delivered and job growth at nearly 50,000 jobs for the third consecutive year.”
As a function of both cyclical expansion and national attention on the Seattle apartment investment market, a slew of new investors and developers poured into our market, driving both sales prices and new development. 2009
2010
2011
2012
2013
2014
10
29
38
71
52
80
$192M
$545.6M
$1.0B
$2.1B
$1.7B
$2.6B
Average PPU
$122,328
$130,171
$139,630
$167,123
$206,672
$193,804
Average PPSF
$141
$150
$169
$188
$233
$238
Average Cap Rate
6.8%
5.9%
5.7%
5.5%
5.3%
5.3%
Total Deliveries
4,736
3,686
1,318
4,426
5,986
8,128
Number of Sales Total Sales Volume
Sales Data: 50+ units
Seattle by the numbers...
1 6
Number one place to make a living (MoneyRate.com, June 2014)
Colliers International Seattle
2
Second best city for millenials (NerdWallet, May 2014)
3
Third best city for commercial real estate development (Urban Land Institute and PwC, October 2014)
4
fourth highest city for commercial real estate investment (Urban Land Institute and PwC, October 2014)
5
Fifth best city for home sellers (Zillow, March 2014)
2014 market metrics & Fundamentals Urban King
North King
29
6
sales
2014 Sales
$1.1B
9
sales
23
sales
$129.6M
North Snohomish
6
sales
$422.2M
sales
$592.8M
$191.3M
South Snohomish
7
sales
$234.2M
sales volume
sales volume
sales volume
sales volume
sales volume
$305,925
$180,081
$253,812
$125,085
$136,761
$161,160
average PPU
$428 4.5%
Average Cap Rate
Fundamentals
South King
sales volume
average PPSF
Development
East King
8.2%
average PPU
average PPU
$236
$275
average PPSF
5.2%
average PPU
$144
average PPSF
$148
average PPSF
4.9%
Average Cap Rate
7.9%
average PPU
average PPSF
5.8%
Average Cap Rate
Average Cap Rate
8.4%
6.6%
5.9%
Average Cap Rate
7.3%
average PPU
$198
average PPSF
5.4%
Average Cap Rate
9.0%
annual rent growth
annual rent growth
annual rent growth
annual rent growth
annual rent growth
annual rent growth
4.1%
2.8%
3.8%
3.5%
5.1%
4.1%
vacancy
5,781
vacancy
vacancy
797
vacancy
415
335
units delivered
units delivered
units delivered
units delivered
9.5%
5.2%
1.5%
0.6%
of urban king inventory
of north king inventory
vacancy
of east king inventory
0
2014 units delivered
0.0%
of south king inventory
of north snohomish inventory
vacancy
800
units delivered
4.7%
of south snohomish inventory
Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
6
sixth most walkable city in the U.S. (Foot Traffic Ahead: Ranking Walkable Urbanism in America’s Largest Metros, June 2014)
7
Number seven best U.S. city to find a job (WalletHub, March 2014)
8
Number eight best city for jobs this fall (Forbes, September 2014)
9
Ninth best place for business (Forbes, July 2014)
10
Tenth best international skyline (USA Today, September 2014)
Colliers International Seattle
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2014 year in REVIEW
2015 Seattle Apartment Market Study
2014 Rent Growth
north snohomish 7.3% 16.0% 17.9% 5.3%
12 month growth
north king 7.9% 12 month growth
5 year growth
3 year average
19.5%
12 month growth
3 year growth
5 year growth
3 year average
CUMULATIVE GROWTH
22.3%
urban king 8.2%
CUMULATIVE GROWTH
5 year growth
6.5%
east king 8.4%
12 month growth
23.5% 3 year growth
7.8%
3 year average
29.8% 5 year growth
12 month growth
23.6% 3 year growth
34.7% 5 year growth
7.9%
3 year average
Colliers International Seattle
CUMULATIVE GROWTH
CUMULATIVE GROWTH
south snohomish 9.0% 21.5% 26.6% 7.2%
3 year growth
3 year average
8
3 year growth
CUMULATIVE GROWTH
CUMULATIVE GROWTH
CUMULATIVE GROWTH
2014 year in REVIEW
2015 Seattle Apartment Market Study
South king 6.6%
12 month growth
14.4%
3 year growth
4.8%
3 year average
16.3%
5 year growth
Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
2014 Vacancy King County Urban
North
snohomish County east
south
north
south
7.00%
1.7%
6.00%
.85% 1.76% (.03%) (.94%)
5.00% 1.38%
4.00%
.03% .03% 1.16% 1.44% .03%
.19%
.03% .72%
(.24%)
1.42%
(.10%)(.55%)
(1.59%) .49%
3.00%
1.34%
.35% (.10%)
(.93%)
.58%
(1.82%)
(.97%)
.27%
.72%
(.79%) (1.09%)
(.10%)
(.06%) (1.54%)
(1.8%)
(1.46%)
(1.96%)
(.77%)
(.74%)
2.00% (1.1%)
1.00%
l le Be st Ea
So
ut
h
La
ke
Un
vu
io
e
n
0.00%
ANNUAL CHANGE IN VACANCY fall 2013-2014 Decreased increased Percent change in year-over-year vacancy Increase in year-over-year vacancy Decrease in year-over-year vacancy Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com Colliers International Seattle
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2014 year in REVIEW
2015 Seattle Apartment Market Study
2014 year in REVIEW
Downtown
Future2015 Seattle Apartment Market Study
2015
2016
Downtown
URBAN KING development pipeline Urban King Pipeline
48,726 units
2015 2016 2017 2018 Future
815 407
6,241 2016
2017
South Lake Union
2018
Future
West Bellevue West Bellevue
1,387
2015
2016
2017 3,861 2018 UNITS
1,003
Kirkland
5,846
10,445
2015
2,177
UNITS
2,197
5,594 UNITS
2016
858
Future
1,449
2016
2017
2018
Future
638
Greenlake/Wallingford/Fremon 401
2015
2016
375 1,375
10
Colliers International Seattle
2
418
1,136
2,533
640
Future
9,516 7,243 10,334 1,770 19,863
2015 Central/Beacon Hill/ Rainier Valley
UNITS
2015
Future
Central/Beacon Hill/Rainier Val
74% of King County pipeline
SLU
2018
Deliveries by year
2,486
69% of Tri-county pipeline
2017
2015
2016
2017
2018
FUTURE
7
9% of all King County Planned Development West Seattle 2533 2015
2016
0
2017
2018
0
2266
7
266
0
588
8
220
3
56
2015
0
2016
2017
0
441 2018
Future
565
4% 2017
1535
3%
1169
2%
KING 50URBAN 0 305 779 2% 2197development 375 5846 10445 22% pipeline Capitol Hill
0
Central/Beacon Hill/Rainier Valley
7
2015
9
214
0
788
1375 2177Hill Capitol
8
401
8
0
0
469
4
10004
1770
19132
576
2016
2017
2018
Future
1913
2015
4%
2016
2017
5594
2018
2016
2017
Future
1,3262016
7382016
2015
2015
2017
2018
Future
2018
297
Future
682
2015
2015 20152016
2016
2017 2016 Kirkland 2017
2017
2017 2018
2015
2018
2018
Future
2015
2016
2017
2018
3,624 2018
Future
2,466
2018
Future 2018 2016
2016
2017
2018
779
Future
1,553
Future
Future
136Future
2017
424
50
536
Capi
Downtown
UNITS
2015
2016
University Distr
2017
West Bellevue
Queen Anne2015
Queen Anne
2018
2015
Greenlake/Wallingford/Fremont Greenlake/ Central/Beacon Hill/Rainier Valley
2015 2016 Wallingford/Fremont 2015
Future
2016
2016
2018
Future
2017
2018
2015
Future
2017
2018
Future
2016
2017
2017 2016
2018 2017
2018
2017
Future
2018
Future
1,855
20152016 2016 20172017
2018 2018
Future Future
1,169 UNITS
283
2018Future Future
56
588 2016
West Seattle
396 UNITS
305
Kirkland University District
Kirkland
674
2015
UNITS
First Hill 2017
Future
565
1,469 SLU Greenlake/Wallingford/Fremont 2015
Future
487
2016
2015
265
2015
est Bellevue
2018
140
UNITS
First Hill
2016
2017 2018
2015
2,905
First Hill/ 2015 2016 S Downtown/Pioneer Square yesler terrace
6241
2486
UNITS
490
999
2015
2017
391
UNITS
2017
0
275
509
Belltown
Greenlake/Wallingford/Fremont
3,342
West Seattle
2015
SLU BelltownHill/Rainier Central/Beacon Valley
Future
2016
Ballard
UNITS
214 2018
2533
396
Ballard
1,913
5%
20 wn/Pioneer Square 2015
2015
788 Future
2018
12%
2277
Queen Anne 5765 South King 0 2266 3424
4075%
Greenlake/Wallingford/Fremont 674 327 266 588planned1855 63,656 of 0all King Kirkland 786 88 220 0 441 1535 Belltown Ballard 2018 Future 2015 Seattle Apartment Market Queen Anne 265 283 56 565 1169 2015 0 2016 Study 2017 2018 Future 2015 2016 2017 2018 Future University District S Downtown/Pioneer Square 424 50 305 County779 Urban King makes up 0 74% of 0all King Pl 2016 2017 2018 Future SLU 2015 640 1387 2197 375 5846 10445 University District North King makes up509 5% of 0all King County Pl University District 402 214 788 1913 S. Downtown/ West Bellevue 1003 401 1375all King 2177 County 5594 East King makes up638 12% Pl Downtown First of Hill Pioneer West 1200 608 0 0 469 2277 S Downtown/Pioneer Square 2015 2016 2017 2018 Future 2015 Seattle 2016 2017 2018 Future Square King makes up 9% of 2015 King 2016 2017County 2018 Future Pl Central/BeaconSouth Hill/Rainier Valley 402 Totals 9273 6714 10004 1770all 19132
7%
1855 2016 2015
815 2277 487
2014 year in REVIEW
275
Downtown 608 0 0 469 2015 First 2016Hill 2017 9273 6714 10004 2018 1770Future 19132 1200
13%
Totals
Capitol Hill3424
6
SLU
6241
2486 Future
Future Seattle West 2015
2016
2017
441
266 2018
Future
327
Greenlake/Wallingford/Fremont 220 2015 2016 2017
Downtown 469 275
2015
West Bellevue 2015
2016
2017
2018
Future
2016
2,277 UNITS
1,535
2017
2018
West Seattle
1,200
2015
2016
2017
2018
786
First H
Future
88
Future
S Downtown/Pioneer Square 2016
2017
2018
2015
608 S Downtown/Pioneer Square 2015
UNITS
2018
Future
Future
2015
2016
2016
2017
2017
2018
2018
Future
FUTURE SLU 2015
2016
2017
Colliers International Seattle
2018
11
Future
2014 year in REVIEW
485
Total ing 3425 g 7573 ing 5765 nohomish 2146 nohomish 3119
2016 Apartment 2017 2018 Future Total 20152015Seattle Market Study 593 1236 698 983 995
321 2641 1968 0 410
485 944 328 0 407
0 1701 0 0 0
3425 7573 5765 2146 3119
2026 1051 2771 1163 East King 1307
suburban development pipeline North King North King
1,051
2015
2016
2017
2018
Future
East King
East King east King
South King south King
1,236 1,051
593
1,051 698
1,236
1,236
King County Pipeline
1,701
3,425
321
2,026
UNITS 944
321
2,641
7,573
1,701
1,701
UNITS
2016
2017
2018
2015
2016
2017
2018
2015
Future
2016
2017
2018
Future
South Snohomish south snohomish
2015
1,163
2,146
1,307
UNITS
3,119 UNITS
1,163
410
1,968
5,265 units 1,163 planned
1,307
983
2,771
2015 2016 2017 2018 2017 2018 Future
995
983
12
2015
2016
328
2016
2017
407 2017
2018
Colliers International Seattle
South Snohomish
2018
Future
Future
2015
2015
2016
2017
2016
2018
2017
Future
2015 2016 2017
407 410
2015
Future
Snohomish County Pipeline
995
983
2016
North Snohomish South Snohomish
North Snohomish
South King
698
units planned
Future
North Snohomish north snohomish
ure
2,641
944 328
944 2015
1,968
UNITS
2,641
485
85
65,489
5,765
2,771
2018
Future
2015 2016 2017 2018 Future 2015 2016 2017 2018 Future
2018 FUTURE
2000-2014 job growth
year-over-year growth
Seattle-bellevue-everett msa
17,700
31,200
42,800
2010
2011
2012
JOBS
350,000
JOBS
43,100
JOBS
JOBS
job growth in the last 10 years
69,660 professional/stem
-7,760
250,000
JOBS
2013
Hottest & Coldest
300,000
49,080
Fire
2014
stem job Growth
15%
in last 4 years
27% in last 10 years
2010-2014 Percentage of total new jobs by industry
JOBS
200,000
Construction/ Manufacturing
150,000
6% 14%
25%
100,000
11%
50,000
15%
2% 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014*
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government *Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets.
25%
2%
Professional/STEM Colliers International Seattle
13
2014 year in REVIEW
2015 Seattle Apartment Market Study
2015 Seattle Apartment Market Study
$2.37
%
4.1%
2015-2018 Deliveries
$
average vacancy
Market Snapshot
Central Area/Beacon Hill/Rainier Valley Greenlake/Wallingford/Fremont University District West Seattle Ballard West Bellevue Kirkland
avg rent per sf
Downtown South Downtown/Pioneer Square Capitol Hill First Hill/Yesler Terrace Belltown Queen Anne South Lake Union
urban URBAN king KING
URBAN KING :: MARKET OVERVIEW
27,584
Colliers International Seattle
15
2015 Seattle Apartment Market Study
Urban king
kirkland Kirkland ballard
urban king
Since the beginning of the most recent apartment market cycle in 2011, urban neighborhoods within King County have received the greatest share of attention from the apartment investment community—and deservingly so. The 14 neighborhoods covered in this market have absorbed nearly 13,000 new apartment units in the last 4 years while continuing to post positive rent growth y-o-y and a mean vacancy rate near 4%. Sales in the Urban King market continue to impress with increasing prices on a per square foot and unit basis. These neighborhoods will certainly remain the focal point for some time to come. Bainbridge Island
Redm
university district
greenlake/ wallingford/ fremont
queen anne South lake union
west bellevue
capitol hill
belltown
Bellevue
Seattle first hill south downtown/ Pioneer square
downtown
Mercer Island
west seattle
central area/ beacon Hill/ Rainier valley
A W 0
90
Historical performance Number of Sales Sales Volume Average PPU Average PPSF Average Cap Rate Number of Deliveries
16
Colliers International Seattle
2009 3 $87.6M $181,568 $213 5.8% 3,351
2010 9 $232.6M $200,169 $280 5.2% 2,645
2011 8 $250.9M $212,193 $326 5.2% 620
2012 19 $749M $277,864 $381 4.8% 2,696
2013 17 $784M $310,934 $437 4.6% 4,031
2014 29 $1.1B $305,925 $428 4.5% 5,781 Sales: Buildings 50+ units
2015 Seattle Apartment Market Study
market fundamentals
$2.37
4.1%
AVG RENT per SF
CURRENT VACANCY
Urban King County 27,584 Units Planned
9,301
9,948
15,773 Units Delivered
10.00%
$1,800
9.00% 6,565
$2,000
$1,600 $1,400
7.00%
$1,200
6.00%
$1,000 3,351
$800
$200 $0
4.00% 2,645
$600
2,696
3.00%
2,111 1,717 1,046
1,078 619
1,770
$400
5.00%
4,031
1,389 942
Market Rent
807
Market Rent
2.00% 1.00%
883
Market Vacancy
Vacancy Rate
Monthly Rent
8.00%
5,781
620
0.00%
Market Vacancy
Units Delivered Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
Colliers International Seattle
17
urban king
$1,804
AVG RENT per unit
2015 Seattle Apartment Market Study
employment growth
year-over-year growth
(1,541)
urban king
urban king
JOBS
2010
200,000
15,798 JOBS
15,916
21,351
21,511
2012
2013
2014
JOBS
2011
JOBS
Hottest & Coldest
180,000
job growth in the last 10 years
41,690
160,000
professional/stem
stem job Growth
18%
in last 4 years
-8,285
140,000
JOBS
Fire
41%
in last 10 years
JOBS
120,000
2010-2014 Percentage of total new jobs by industry
100,000
retail/service
80,000
8% 60,000
3%
39%
40,000
20,000
29%
0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government *Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets.
18
Colliers International Seattle
2% 19% Professional/STEM
2015 Seattle Apartment Market Study
2014 sales & sales trends urban king
URBAN KING COUNTY 2014 SALES
2020
2020
2000
2000
1980
1980
Year Built
Year Built
2014 sales metrics
1960
1960
1940
1940
1920
1920
1900
1900 $‐
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$‐
$700,000
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
Sale Price (PPSF)
Sale Price (PPU)
URBAN KING COUNTY 2000‐ 2014 SALES
2000-2014 Sales8.0% Trends
$500
$339
$300
$213
$209
$200 $138
$150
$172
5.0%
$280
$269
$250
6.0%
$326
$311
$154 $163
Cap Rate
$350
PPSF
7.0%
$381
$400
$150
7.3% 7.3%
$437 $428
$450
7.0% 6.5% 5.8%
5.7%
5.2% 5.2%
5.0% 5.0% 4.5% 4.5%
4.8%
4.6% 4.5%
4.0% 3.0% 2.0%
$100
1.0%
$50 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
Colliers International Seattle
19
2015 Seattle Apartment Market Study
19th Avenue
21st Avenue East
22nd Avenue East
15th Avenue
21st Avenue
23rd Avenue
14th Avenue
10th Avenue East
East
22nd Avenue South
20th Avenue South
19th Avenue South
South Jackson Street
18th Avenue 18th Avenue South
17th Avenue South
16th Avenue South
East Yesler Way
15th Avenue South
Buyer Seller
14th Avenue South
East Spruce Street
Cap Rate
21st Avenue South
Boylston Avenue East
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Sale Date
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Price
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WA 304
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Avg Price per SF Harvard Avenue East
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tt
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no 2014 sales
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DOWNTOWN
2014 Downtown Sales
2015 Seattle Apartment Market Study
Downtown Development Pipeline
19th Avenue
15th Avenue
21st Avenue East Columbia Street East Cherry Street
18th Avenue
10th Avenue
East James S
East Jefferson Street
East A
Colliers International Seattle
21
East
22nd Avenue South
21st Avenue South
20th Avenue South
19th Avenue South
South Jackson Street
18th Avenue South
17th Avenue South
16th Avenue South
uth
So
12th Avenue South
East Yesler Way
15th Avenue South
East Spruce Street
Yesler Way 7th Avenue South
23rd Avenu
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23rd Avenue
14th Avenue
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Boylston Avenue East
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22nd Avenue East
East Pi
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East Pine Street
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Str
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19th Avenue
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17th Avenue
250
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154
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Future
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Vi n
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Le no ra
St Av e
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368
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Terry Avenue North
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9th Avenue North
8th Avenue North
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t tre e Ce
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6th Avenue North
et Br
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re
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e
ino
2018
13th Avenue East
355
M
2017
11th Avenue
430
396 238
550John Street 300
2016
12th Avenue East
nu
Numbers within circles on map below indicate size of development
2015
Nagle Place
Av e
FUTURE
Harvard Avenue East
e
nu
e Av
rn
2018
Belmont Avenue
tt
lio El
te
354
2017
Fairview Avenue North
t es W
W es
Taylor Avenue
ue
n ve tA
t lio El
Denny Way
2016
DOWNTOWN
2015
21st Avenue East
Deliveries
2015 Seattle Apartment Market Study
$118,421
$293
AVG Price per unit
$118,421
$293
4.7%
rgu
17th Avenue South
Ra
ven sA uth
So
uth
South Addition Street
South
6th Avenue South
19th Avenue
16th Avenue
15th Avenue
Broadway
Foundation Group Daly Partners
ue
12th Avenue South
2nd Avenue South
12th Avenue 12th Avenue South
7th Avenue South 7th Avenue South
10th Avenue South
5th Avenue South
Maynard Avenue South
8th Avenue South
4.7%
Stu
3rd Avenue South
$293.13
r
No
So
$118,421
uth
So
t
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Str
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Buyer Seller
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Ra South Dearborn Street
uth
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$6,750,000
South Weller Street
Driv
57
6/1/2014
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Golf
1910
$6,750,000
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23,027
th
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57
Sale Date
1
ou
South Dearborn Street
South Plummer Street
Price
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1910
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Colliers International Seattle
att
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22
Se
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Average
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200 5th Ave S
8th Avenue
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Ra
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South Washington Street
South King Street
Property Name
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14th Avenue
nu
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3rd Avenue South
South Jackson Street
10th Avenue
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5th
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Cap rate
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9th
4th
05
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;W A3
n ve dA
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04
1st Avenue
WA 3
n ve nA
WA 304
2n
r ste We
WA 305
4.7%
avg Price per SF
13th Avenue
S. DOWNTOWN/ pIONEER SQUARE
2014 South Downtown/Pioneer Square Sales
2015 Seattle Apartment Market Study
South Downtown/Pioneer Square Development Pipeline
Deliveries 2017
2018
FUTURE
Numbers within circles on map below indicate size of development
0
305
So
12th Avenue South
10th Avenue South
19th Avenue
th South Jackson Place
South King Street
South Weller Street
South Dearborn Street
South Dearborn Street
e
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3rd Avenue South
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15th Avenue
Broadway
12th Avenue
East Yesler Way
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5th Avenue South
2nd Avenue South
50
Ra
ad 1st Avenue South
0
20th Avenue South
125
ilro
Alaskan Way South
ue
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Ra outh
424
14th Avenue
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9th Avenue South
96
50
Railroad Way South
ntag e Ro ad S
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South King Street
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2018
13th Avenue
re
8th Avenue
East Yesler Way
Bo
e
ue
South Jackson Street
10th Avenue
nu
en Av
200
3rd Avenue South
45
2017
East Spruce Street
e Av
5th
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Yesler Way
South Main Street
2016
9th
4th
05
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;W A3
n ve dA
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04
1st Avenue
WA 3
n ve nA
WA 304
2n
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WA 305
2015
16th Avenue
2016
S. DOWNTOWN/ pIONEER SQUARE
2015
Colliers International Seattle
23
Bo
Sale Date
ule
va
rd
South Dearborn Street
So
1410 Belmont Avenue
1910
52
26,561
$10,000,000
2
700 E Mercer
700 E Mercer St
1962
51
33,959
Edgar Martinez Drive South $10,605,000 9/10/2014
$207,941
$312.29
3
Gatsby
1145 10th Ave E
2014
70
56,035
$35,600,000
8/7/2014
$508,571
4
Collins on Pine
1222 E Pine Street
2013
76
57,167
$29,600,000
5/21/2014
5
Three20
320 E Pine St.
2014
134
83,734
$36,109,577
5/16/2014
1983
77
51,491
$24,382,915
Colliers International Seattle
35th Avenue East
32nd Avenue East
29th Avenue East
27th Avenue East
$/NRSF
Miller-Warren
ut 10/1/2014 h
41st Avenue East
26th Avenue East
McGilvra Boulevard East
24th Avenue East
23rd Avenue East
25th Avenue East
$192,308 $376.49 South Norman Street
Cap Rate 3.4%
36th Avenue
34th Avenue
31st Avenue
21st Avenue East
19th Avenue East
$/Unit
South Weller Street
35th Avenue South
tle
33rd Avenue South
at
29th Avenue
1st Avenue South
Alaskan Way South
South Jackson Street
Se
Price
Yesler Way East Yesler Way
Martin Luther King Junior Way
e
e
NRSF
East Alder Street
1
Average
24
Units
Harvard Avenue East
nu
Address
Year Built
Seattle
East Cherry Street East Jefferson Street
28th Avenue South
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7th nu
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Property Name
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19th Avenue
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Cap rate
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4.0%
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Mercer Street
East Aloha Street
$454
avg Price per SF
Ma
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9th Avenue North
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Aurora Avenue North
t
AVG Price per unit
B
Magnolia Bridge
We s
Blaine Street
East Lynn Street
East Crockett Street
8th Avenue North
rd
Boston Street
SR-99 S
va
$313,554
McGraw Street
1st Avenue North
ule
15th Avenue West
CAPITOL HILL
Bo
st We
olia
rive
gn
nD
West Boston Street
4th Avenue West
ma Gil
West McGraw Street
Ma
6th Avenue West
2014 Capitol Hill Sales
Queen Anne Avenue North
2015 Seattle Apartment Market Study
Buyer Seller
Timberlane Partners Rodney Hanson & E. Lee Noble
3.8%
Frederick B & Julie Gould C.F. Williams & Edward Granston
$635.32
4.2%
Robert S. Tandler Continental Properties
$389,474
$517.78
4.5%
Essex Property Trust The Metropolitan Cos
$269,474
$431.24
4.1%
Equity Residential Stratford Company
$313,554
$454
4.0%
2015 Seattle Apartment Market Study
28th Avenue East
0
16th Avenue East
0
ton
East Lynn Street
Ea
st
Bl
Future ac e Pl
147
ain
eS
tre
et
East Flor
East De
East Crescent Drive
East Galer Street
East Schub
34th Avenue
33rd Avenue 32nd Avenue
31st Avenue
30th Avenue
Martin Luther King Junior Way
26th Avenue
22nd Avenue
21st Avenue
27th Avenue
East Lee Street
East Union Street
leva
Royal Court East
Montlake Boulevard East
Ea
Bou
East Harrison
26th Avenue East
East Olin Place
st
gton
East Roanoke Street
31st Avenue East
2018
Ea
Was hin
East Louisa Street
East Lynn Street
Deliveries 2017
29th Avenue East
E
Dewey Place East
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Ar
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24th Avenue East
Ro
25th Avenue East
an
24th Avenue East
Ju
Place
32nd Avenue
n
29th Avenue
13th Avenue East
12th Avenue East
Sa
30th Avenue East 19th Avenue East
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Federal Avenue East
10th Avenue East
Harvard Avenue East
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19th Avenue
st Pacific
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19th Avenue
18th Avenue
17th Avenue
Northea
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27th Avenue East
11th Avenue East
Broadway East 25th Avenue East
Boylston Avenue East
Boylston Avenue East 24th Avenue East
269
tre
16th Avenue
No
15th Avenue East
St
34th Avenue East
Wa y
er Franklin Avenue East
23rd Avenue East
Minor Avenue East
Eastlake Avenue East
23rd Avenue
15th Avenue
ler
46
t
Colliers International Seattle
25
35th Avenue
t Ea s
22nd Avenue East
21st Avenue East
Wallingford Avenue North
Tu rn
Harvard Avenue East
15th Avenue East
Malden Avenue East
14th Avenue East
13th Avenue East
11th Avenue
20th Avenue East
19th Avenue East
18th Avenue East
17th Avenue East
16th Avenue East
11th Avenue East
Federal Avenue East
12th Avenue East 13th Avenue
14th Avenue
Broadway East
Broadway
Bellevue Avenue
Melrose Avenue
Harvard Avenue
tre tS ar ew St
10th Avenue East
Broadway East
Harvard Avenue East Boylston Avenue East
et
Minor Avenue North
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10th Avenue East
Broadway Court
Eastlake Avenue East
Melrose Avenue East
No r e nu Av e ie w irv
Fa
Ho
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East Newton Street
2016
st
East Miller Street
Ea
et
East Roanoke Street
e
Str
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Ga
96
CAPITOL HILL
Pl
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East Union Street
at
60
2015
Ea
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Av e
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57
Bo
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57
Ma
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34
140
East Spring Street
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East Glen Street
S on
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Str
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24
60
70
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nu
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Sp
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East John Street
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100
576
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Str
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East John Court
East Pine Street
88
20
46Street Allison Street 32Street EastEast Roy
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41
248 135 94
260
Bo
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249 60
East Denny Way
11th Avenue
8th
nu
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Str
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91
50
682
No
115
47
86 85
1,326
East Helen Street *Condo or potential condo † Affordable housing projects not included in unit counts
Ea
t Th
East John Street
Future
East Mercer Street
East Thomas Street
Nagle Place
eS
Pin
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205
t
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41 20 36
Boylston Avenue
iv
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Summit Avenue
liv
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22
2018
East Aloha Street Eastlake
North 34th Street
34
2017
26th Avenue East
East Denny Way
66
Harvard Avenue East
y Way
re St
North 37th Street
2016
ye
70
Thomas Street
East Loretta Place
36
East Aloha Street
Yale Avenue East
132
Harrison Street
Street
East Ward Street
2015
Bo
45†
FUTURE
as W
202
2018
Numbers within circles on map below indicate size of development
E
73 48
y
Ro
2017
Fuhrman Avenue East
Republican Street
East Prospect Street
et
t as
2016
st Ea ce Pla
Mercer Street
2015
ay eB
r Street
40
t as
Roy Street
Co
Deliveries
g rta Po
Valley Street
ue
llev
Be
ast
E urt
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Lakeview Boulevard East
Yale Avenue North
th
Capitol Hill Development Pipeline
2015 Seattle Apartment Market Study
19th Avenue
24th Avenue
23rd Avenue
20th Avenue
$183,235
th
2.4%
South Jackson Place
$344.16
$309,594 South Weller Street $408
4.2% 3.7%
South MainProperties Street Security J Wolfe & T Hoffenreich & V Todd
Mitsumaru Estate Gibraltar Investment
26th Avenue South
ou
$430.23
East Je
28th Avenue
Martin Luther King Junior Way
25th Avenue
26th Avenue
14th Avenue Av $413,408 en u eS
East Yesler Way
25th Avenue South
$37,707,489
ren
Buyer Seller
Saratoga Capital Inc South Washington $450.29 4.4%Street Pacific Urban Residential
$332,139 Bo
Cap Rate
24th Avenue South
89,766
1/31/2014
$/NRSF
22nd Avenue South
111
$15,208,468
15th Avenue South
1959
South King Street
9/5/2014
14th Avenue South
44,190
12th Avenue South
83
South Jackson Street
10th Avenue South
1925
$/Unit
11/12/2014
$74,000,000 7th Avenue South
604 E Union St.
Maynard Avenue South
3
Union Arms & Manor
172,000
Sale Date
27th Avenue South
1962
East Fir Street
23rd Avenue South
1100 University St.
East Alder Street
East Spruce Street
et
East Yesler Way
$23,914,000 8th Avenue South
uth So
Panorama
Price
9th Avenue South
n sio
53,108
17th Avenue
Broadway Court 10th Avenue
e
Yesler Way
72
179
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Sp
NRSF
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27th Avenue
nu
ten
Ex
1991
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e Av
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Year Built
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M
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ka
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ke
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et
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ra
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re
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Ba t
e
iv
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avg Price per SF
East Olive Street
11th Avenue
nu
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ue en Av
Av e
nu
ay eW
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h
Avenue Westlake
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et lS tre
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e
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ry
ry
nu
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te
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h
3.7%
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AVG Price per unit
8t
$408
21st Avenue
$309,594 Belmont Avenue
FIRST HILL/ YESLER TERRACE
2014 First Hill/Yesler Terrace Sales
South Jackson
2015 Seattle Apartment Market Study
First Hill/Yesler Terrace Development Pipeline
Deliveries FUTURE
East Pine Street
20th Avenue
East Unio
24th Avenue
12th Avenue
East Pike S
23rd Avenue
Ma
et
tre
nS
o dis
17th Avenue
East Columbia Street
Av e
nu
eS
ou
th
South Weller Street
South Washington Street South Main Street
South Jackson Place
Colliers International Seattle
East Je
28th Avenue
24th Avenue South
ren
East Yesler Way
26th Avenue South
60
Bo
161
22nd Avenue South
200
15th Avenue South
120
Martin Luther King Junior Way
25th Avenue
East Spruce Street
93 106
91 † East Fir Street
45 Way East Yesler
East Alder Street
26th Avenue
14th Avenue
75
14th Avenue South
10th Avenue
East Jefferson Street
25th Avenue South
Broadway Court
st
Ea
East Union Street
12th Avenue South
7th Avenue South
8th Avenue South
uth
So
Maynard Avenue South
East Pine Street
32
85 100 68
200
9th Avenue South
n sio
6th Avenue South
ar ew St
2,466
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ten
Ex
4th Avenue South
ue
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83 †
t
ree
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n ve dA South King Street
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Str
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et
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on
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275
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t
396
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e
ue en Av
329
ee
tr sS
487
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nu
bia
lum
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Ma
St
Future
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255
e Av
n
rio
t
ee
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t ee Str on i r Ma 275 treet S bia lum Co
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t
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WA 304
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et tre tS ar
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ia
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et
St re
et
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Vi rg
ll Place
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Temple Place
e
ve nA
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nu
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ter
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168*
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t
ee
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rr Te
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nu
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P
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et
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e
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Pi
et
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Al
ue
6th
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t
ee
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e Pik
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30
ren Bo
an
e
e
8th
Ellio
nu
2017
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11th Avenue
nu
Ol
ue en Av
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Av e
iv
e
7th
h
Avenue Westlake
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nu
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et
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e
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ry
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15th Avenue
ry
Te r
nu
11th Avenue
te
Av e
Belmont Avenue
Be l
St re
lS tre
et
h
Nagle Place
8t
Summit Avenue
Numbers within circles on map below indicate size of development
2015
22nd Avenue
2018
21st Avenue
2017
19th Avenue
2016
FIRST HILL/ YESLER TERRACE
2015
South Jackson
27
2015 Seattle Apartment Market Study
et tS tre ar w St e
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et tre
Melrose Avenue
e Av nu
S
no
et tre tS
e St $600.92 on
t
$518,939
4.7%
Invesco RE Vulcan Real Estate
r
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t as
E
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m
Ja
nu
e Av
Seattle
et
tre
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t ee t 4.1% tr$685.82 ee Str a bi $643 4.4% lum Co
S ion
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lum
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e
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e Av
dis
et
tre
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$/NRSF
et
tre
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Buyer Seller
8th
et
tre
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$/Unit
ree
S ion
Cap Rate
Ma
et
tre
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tre
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et ar
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d
tte
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ry
re
et re St
e Vi n
Ho
re
we
et
ll S
et tre ll S Be
Vi n
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lS tre Be l
tte Ba
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ay
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en Av
Le
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e Str
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160
tre
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et
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2013
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$68,500,000
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nu
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E
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nu
132
e
2013
t
ree
St 10/8/2014 ca
E
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Bo
t
ee
Str
ue
e Av
Sale Date
e
$114,000,000
ity
ers
E
East Union Street
en Av
5th
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189,708
Price
nu
188
et
tre
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et
e
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y Wa
P
iv Un
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Units
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P
nu
62 Cedar Street
et
tre
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ve nA
2013
W ay
ter
2105 5th Avenue
n
ue en Av
Martin
ka
s We
Address
e
t 1s
Property Name
Year Built
e
Colliers International Seattle
e
e Pik
u en Av 3rd
as
enu
iv
Summit Avenue
nu
4th
Al
28
ive
Ol
6th
tt Av
Average
Av e
rr Te
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Joseph Arnold Lofts
h
ay eW
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st
e
Av e
e
e
nu
tt
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e Av
El
nu
2
1
East John Street
Ea 8t
Cap rate
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2
rA ve
Av e
nu
et
t re e St ry
e
lio
1
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et tre lS W al
et St re ar Ce d nu
ino
ry
East Harrison Street
avg Price per SF
M Te r
4.4%
Nagle Place
Av e
AVG Price per unit
Avenue Westlake
ue en Av
rn
6th Avenue North
Br o
ad
St re
et
2nd Avenue North
Warren Avenue North
1st Avenue North
re et
tt lio
El
te
$643
Harvard Avenue
Ba y
St
t
es W
Queen Anne Avenue North
e
W es
Taylor Avenue
nu
Denny Way
$562,661
Boylston Avenue Belmont Avenue East Belmont Avenue
ve tA
t lio El
BELLTOWN
2014 Belltown Sales
A
r lde
t
ee
Str
s
me
Ja
2015 Seattle Apartment Market Study
Belltown Development Pipeline
Deliveries
Boylston Avenue East
et tS tre ar w
Bellevue Avenue
Melrose Avenue
St
ue
e
venu 7th A
e
e
e
g
Ma
n rio
Ea
t
ree
St
Co
lum
bia
t
ee
Str
s me
Ja
t
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Str
et
nu
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Seattle
es
am
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9th
Ma
t
nS
o dis
t ree
o
dis
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t
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e
nu
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Sp
t
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t
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Str
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s We
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ree
St
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en Av
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nu
ng
ri Sp
st
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t ree
nu t
ee
Str
e
tr aS
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Pontius Avenue North
St e
et tre we Ho
et tre ar
ew
St
ue
tS
Le n
et
re in
Vi rg
et
re St a or
St
et re St d ar ch an Bl
ia
et re St ry tte Ba
East Pike Stre
ue
en Av
9th
e Av
e nu
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2n
e
nu
ty rsi
iv Un
E
en Av
et
e Av
5th
4th
et
re
St
ve tA 1s
P
ine
E
East Denny Way
East Union Street
P
e nu
W ay
t
ee
Str
tre
e Av
n
e Pin
S ike
3rd
ka
e
y Wa
ive Ol
ll S
lS tre Be l et
tre ll S
Be
Vi n
et re St e
nu
40
as
Av e
8th
100
ue
iv
Ol
st
h
ay eW
E
ren
150
Ave n
Al
Terry Avenue North
Westlake Avenue North
9th Avenue North
8th Avenue North
et
t tte Ba
St e
et re St ay
Vi n
158 65†
433*
East Denny Way
Ea 8t
East Harrison Street
East John Street
e
6th
Ellio 164 tt
999
Bo
e
0
rry Te
nu
1,469
e
342*
324*
140
e
Av e
297
nu
tt
Future
e Av
lio
2018
nu
7th
El
rA ve
Av e
2017
Summit Avenue
220*
136
Cl
Aurora Avenue
et tre lS W al re e St ry
327
re
et
e
Dexter Avenue
6th Avenue North
et St re ad Br o
nu
ino
ry
2016
Nagle Place
100
M Te r
2015
*Condo or potential condo † Affordable housing projects not included in unit counts
nu
Avenue Westlake
ue en Av
Ce d
ar
St re
et
150 Denny Way 161
Av e
Fairview Avenue North
2nd Avenue North
Warren Avenue North
1st Avenue North
re et
tt lio
El
rn
FUTURE
Harvard Avenue
Ba y
St
t
es W
Queen Anne Avenue North
e
te
2018
Numbers within circles on map below indicate size of development
Taylor Avenue
nu
W es
2017
Boylston Avenue Belmont Avenue East Belmont Avenue
ve tA
t lio El
100
2016
BELLTOWN
2015
e
9 SB
e
nu
e Av
dA ve
Denny Way
nu
East Denny Way
e
orthea st
Montla ke Bo ulevard N
et
41st Avenue East
is
on
St
re
39th Avenue East
26th Avenue East
24th Avenue East
60th Avenue Northea
33rd Avenue Nor
28th Avenue Northe
25th Avenue Northeast
22nd Ave
17th Avenue Northeast
Brooklyn Avenue Nor 15th Avenue Northeast
Roosevelt Way Northeast
7th Avenue Northeast
2nd Avenue Northeast
Harrison Street
26th Avenue
tt
lio
El
2n
Mercer Street
12th Avenue
SR-9
t
es W
5th Avenue West
e
nu
1
East Aloha Street
ad
e Av
3
Valley Street
Roy Street
(WABN)
M
tt
2
Cap rate
st
lio
et
bridge north
4.5%
Ea
El
Lee Street Comstock Stre
23rd Avenue
Blaine Street
East Lynn Street
20th Avenue East
Boston Street
West approa ch
19th Avenue
5
avg Price per SF
22nd Avenue East
treet
et
$452
Northeast 41st Street
East Den
ny Way
Property Name
Address
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Buyer Seller
1
Jax
500 3rd Avenue W
2014
76
60,654
$36,000,000
11/5/2014
$473,684
$593.53
3.1%
Robert Tandler Continental Properties
2
Canvas
600 Elliot Ave W
2014
123
84,106
$44,969,250
9/1/2014
$365,604
$534.67
4.5%
Olympic Investors Goodman Real Estate
3
Stream Uptown
708 6th Avenue N
2012
118
72,734
$32,955,000
7/10/2014
$279,280
$453.09
5.2%
TIAA-CREF Stream Real Estate
4
Queen Anne Towne
1900 Queen Anne Ave N
2014
107
123,044
$51,100,000
5/16/2014
$477,570
$415.30
4.7%
RREEF Emerald Bay Equity
5
Viewpointe on Queen Anne
2450 Aurora Avenue N
1987
112
76,534
$20,000,000
4/30/2014
$178,571
$261.32
4.9%
Timberlane Partners Jim Lampman
2008
107
83,414
$37,004,850
$354,942
$452
4.5%
Average
30
La k
34th S
tre
16th Avenue
4
nS
14th Avenue
Queen Anne Avenue North
3rd Avenue West
North
so
10th Avenue East
er
Broadway East
ck
Minor Avenue East
Ni
Eastlake Avenue East lin Av enue East Harvard Avenue East
et
Northeast 45th Street
AVG Price per unit
Frank
Magnolia Bridge
re
7th Avenue West
11th Avenue West
West Boston Street West Newton Street
St
orth eN
10th Avenue West
32nd Avenue West
30th Avenue West
n
nu Ave
Clise Place West
34th Avenue West
15th Avenue West 15th Avenue West Prosch Avenue West
Texas Way
45th Avenue West
QUEEN ANNE
so
$354,942
e
er
lake
t
ick
st We
W es
t es
d
est eW
ar
tN
Northeast 50th Street
iv Dr
hw ort yN Wa ary Le
28th Avenue West 28th Avenue West Whalley Place West 25th Avenue West
t
ev
North 46th Street
ny
es
ul
enu Av
Bo
n ma
lia
West Halladay Street
North 48th Street
eet
5th Str
east 5
North n Pe
w rth
Ballard Bridge
No
no
Gil
ag
est eW
M
West Emerson Street
W es
North 52nd Street
20th Avenue Northeast
e
2014 Queen Anne Sales
North 56th Street
Wallingford Avenue North Nor th P acif ic S tree t
nu
enu t Av 31s
Illinios Avenue
est 5 NorthwApartment 2015 Seattle Market Study Northwest 52nd Street
Ea st G re en
Northwest Market Street
Stone Way North
ve yA ar
West
et 4th Stre
5th Avenue Northeast
Aurora Avenue Nort
Le
e venu 0th A
West Cramer Street
Colliers International Seattle
et
Roosevelt Way Northeast
ast
Walla
Montla
ke Bou
levard
Northe
Memorial Way Northeast
15th Avenue Northeast
Brooklyn Avenue Northeast
e dg Bri Un ive rsit y
tree t aci fic S
565
t
es W
Denny Way
John Street
East Denny Way
10th Avenue East
19th Avenue East
East Denny Way
Colliers International Seattle
31
24th Avenue East
Eastlake Avenue East
th No r ue Av en w ie irv Mercer Street
East Aloha Street
23rd Avenue East
e
nu
56
East Crockett Street
Broadway East
150 Roy Street 9 SB
ve tt A
lio
El
77 Roy Street West
Fa
t
es W
Aloha Street
East Lynn Street East Lynn
Bellevue Avenue East
ay W
Prospect Street
9th Avenue North
Galer Street
East Louisa Street East Miller Street
East Garfield Street
8th Avenue North
Hayes Street
1st Avenue North
0
Northeast 45th St
th
Howe Street
Aurora Avenue North
Boston Street
33 31 37 70 176 212 45 20 82 80
56
Future
Nor
Queen Anne Avenue North
Qu
ue
4th Avenue West
rive
ne D
An een
West Prospect Street
2018
East Hamlin Str
Armour Street
West Lee Street
2017
East Gwinn Place
No
tre
rth P
nS
treet
Carr Place North
100 erso Street
35th S
Stone Way North
ck
n Ave
6th Avenue West
9th Avenue West
West Dravus 8th Avenue West
Prosch Avenue West
North
Boylston Avenue East
Ballard Bridge 15th Avenue West
et Ni
pic
23rd Avenue West
283
lake
15th Avenue West
22nd Avenue West
24th Avenue West
26th Avenue West
28th Avenue West
265
st We
39th Avenue West
West Viewmont Way West
t
44th Avenue West
FUTURE
2016
QUEEN ANNE
es
w rth
Magnolia Bridge
North 39th Street
re
ym Ol
West Galer Street
St
3rd Avenue West
West Hayes Street
2018
2015
North 41st Street North 40th Street
No
West Howe Street
2017
North 43rd Street
y Wa
t
n
st We
W es
so
rive
d
er
nD
ar
West Boston Street
ick
ma
ev
tN
Gil
West McGraw Street
ul
W es
11th Avenue West
e ac Pl n st so We er ue ven nA ma
Bo
West Halladay Street
2016
Deliveries
North 42nd Street Numbers within circles on map below indicate size of development
Gil
lia
2015
k
La
ary
m tE
no
West Barrett Street
North 46th Street
Le
es W
est eW
nu Ave
Texas Way
31st
re W Development Pipeline Queen Anne ay Northwest 45th Street
West Emerson Street
ag
en
e Gr
SR-9
do
4th Avenue Northeast
Northwest Leary Way
mo
5th Avenue North
om
North 51st Street 2015 Seattle Apartment Market Study 7th Avenue Northeast
Northwest 50th Street
2nd Avenue North
enue s Av Illinio
tC
th
or
N ay W e
5th Avenue Northeast
Northwest 52nd Street
W es West Lawton Street
2015 Seattle Apartment Market Study
$307,210
$423
Year Built
Units
NRSF
1
Alcyone
301 Minor Avenue N
2004
161
2
Borealis
109 Dexter Avenue N
2008 2006
32
Colliers International Seattle
tle
South Weller Street
Bo
ule
va
rd
South Dearborn Street
So
ut
h
South Norman Street
35th Avenue East
32nd Avenue East
27th Avenue East
29th Avenue East
36th Avenue
34th Avenue
31st Avenue
41st Avenue East
35th Avenue South
at
33rd Avenue South
Yesler Way East Yesler Way South Jackson Street
Se
McGilvra Boulevard East
26th Avenue East
24th Avenue East 23rd Avenue East
25th Avenue East
19th Avenue East
East Alder Street
29th Avenue
1st Avenue South
Alaskan Way South
Seattle
Martin Luther King Junior Way
e
e
Address
tre
sS
me
Ja
East Cherry Street East Jefferson Street
et
28th Avenue South
nu
Property Name
21st Avenue East
e Av
e
WA 305
East Union Street
Drive
7th t
ee
Str
on
is ad
M
Average
Harvard Avenue East
East Pike Street
nu
W ay
nu ve tA
n
e Av
ka
1s
as
e
4th
Al
iv
Ol
e
nu
10th Avenue East
No rth Av en ue ie w
e
25th Avenue
Av e
Av e
nu
nu
23rd Avenue South
d
Av e
East Denny Way
rona
2n
ay eW
Mad
e
h
19th Avenue
h
nu
Denny Way
8t
E
st
5t
ad
M
Ea
Av e
is
t as
et
re
St
ane
rn
on
Cap rate
nL
Denny Way
te
1
East Helen Street
4.9%
ide
t
es W
2
avg Price per SF
Ma
e
nu
ve tt A
lio
W es
Mercer Street
East Aloha Street
12th Avenue East
El
Mercer Street
Broadway East
ce
Broadway
Pla
Belmont Place East Harvard Avenue East
pic
Fa irv
lym
B
tO
Galer Street
Bellevue Avenue East
We s
Aurora Avenue North
West Lee Street
8th Avenue North
t
Blaine Street
East Lynn Street
East Crockett Street
9th Avenue North
Magnolia Bridge
We s
Boston Street
SR-99 S
rd
Queen Anne Avenue North
va
McGraw Street
1st Avenue North
ule
15th Avenue West
Bo
st We
olia
rive
gn
nD
West Boston Street
4th Avenue West
ma Gil
West McGraw Street
Ma
6th Avenue West
AVG Price per unit
Yakima Avenue South 31st Avenue South
SOUTH LAKE UNION
2014 South Lake Union Sales
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Buyer Seller
120,577
$60,950,000
12/17/2014
$378,571
$505.49
4.7%
Equity Residential Vulcan Real Estate
53
36,538
$12,500,000
11/20/2014
$235,849
$342.11
5.1%
James Almon Vulcan Real Estate
107
78,558
$36,725,000
$307,210
$423
4.9%
Edgar Martinez Drive South
2015 Seattle Apartment Market Study
South Lake Union Development Pipeline
Deliveries
W ay
4t
h
Av e
nu
e
nu
e
nu
e
e
9th
nu
Av e
nu
e
e
y Wa
ive Ol t
eS
Pin
t ree
ce
21st Avenue East
18th Avenue East
17th Avenue East
19th Avenue East
Auburn Place East
East O
15th Avenue East
13th Avenue East
12th Avenue East
Malden Avenue East
11th Avenue East
10th Avenue East
Broadway East
14th Avenue
ve Wa y
East Denny Way
East John Court
East John Street
East Denny Way
East Pine Street
East Howell Street
st
Ea
Ma
East Pike Street East Pike Street
Colliers International Seattle
et
tre
nS
o dis
33
21st Avenue
Av e
nu
Av e
Av e
East Thomas Street East John Street
20th Avenue
h
ry
e
East Thomas Street
13th Avenue
nu
Te r
8t
Oli
Av e
st
n
Denny Way
Ea
re
h
e
Pontius Avenue North
150 1,085* Bo
7t
nu
Av e
225
John Street
238
Melrose Avenue East
Terry Avenue North
Westlake Avenue North
860
12th Avenue East
10th Avenue East
rth No e nu Av e Fa
irv
ie
w
8th Avenue North
d
Av e
264
19th Avenue
n
h
3r
375
260
Thomas Street
470
5t
ka
282
Nagle Place
e
Republican Street
Broadway
nu
118
49
et
East Aloha Street
re
St
East Galer Street
East Valley Street
16th Avenue
Dexter Avenue North
SR
-99
NB
Av e
et
d
9th Avenue North
5th Avenue North
et re St oa d
2n
re
e
78
st
Ea
Boylston Avenue
as
nu
174
204
y Ro
10th Avenue
Al
e
East Aloha Street
11th Avenue
nu
East Galer Street
51
Harvard Avenue
Av e
tA ve
et
Belmont Avenue
rn
1s
re
Mercer Street
Harrison Street
Avenue Westlake
te
St
Valley Street
Valley Street 250
377Mercer Street
200 211 244
328 300
Denny Way
W es
340
Dexter Avenue
t
eet Str227
Mercer Street
Br
W es
Roy Street Broad
St
e
2nd Avenue North
nu
Taylor Avenue North
Warren Avenue North
1st Avenue North
4th Avenue West
3rd Avenue West
Av e
st
Boylston Avenue East
rn
East Howe Street
Ea
t as
t
es W te
Valley Street
294
ler
500
362
TBD
5,846
eE
West Mercer Street
e
nu
ve tt A
lio El
W es
Roy Street
375
nu
ce
2,197
ve tA
West Roy Street
Pla
ce
on
er
Pla
lm
erc
1,387
East Newton Street
Be
tM
Aloha Street
Ga
62
Vi ne
South Warsaw Street
Ward Street
West Aloha Street
West Olympic Place
st
67†
Prospect Street
West Prospect Street
640
*Condo or potential condo † Affordable housing projects not included in unit counts
Federal Avenue East
ce
West Highland Drive
West Kinnear Place We s
k Pla
Tower Place
Ea
161 158 800 Comstock Street 300 Highland Drive 382
stoc
t
es W
est eW
ay W
c Pla 8th
pic ym
Ol
West Lee Street
Future
t
Galer Street
Com
West Galer Street
West Comstock Street
Aurora Avenue North
Garfield Street
2018
East Blaine Street
66
Taylor Avenue W al lS tre et
4th Avenue West
5th Avenue West
6th Avenue West
8th Avenue West
Hayes Street
2017
Eas Court
9th Avenue West
Howe Street
2016
Peach
West Garfield Street
Ya le
Newton Street
6th Avenue North
10th Avenue West
West Crockett Street
Queen Anne Avenue North
Numbers within circles on map below indicate size of development
2015
20th Avenue East
FUTURE
lin Pla
2018
Grandview Place East
2017
15th Avenue
2016
SOUTH LAKE UNION
2015
2015 Seattle Apartment Market Study
2014 Central District/Beacon Hill/Rainier Valley Sales
102nd Avenue Southeast Bellevue Way Southeast
Hi ll er gh lla
Southeast 41st Street 132nd Avenue Southeast
t
ad Ro
east rkwa y
South
stle G
Cree
k Pa
Newca
olf Clu
b Roa
d
Coal
116th Avenue Southeast
sW ay
Southeast 47th Place
D
eas outh th A ven
ue S
Island Crest Way
Ridgecrest Lane
164th Avenue Southeast
Rd
154th Avenue Southeast
148th Avenue Southeast
132nd Avenue Southeast
ast
118th Avenue Southeast
Southeast 16th Street
Ga
48th Avenue South
41st Avenue South
38th Avenue South
31st Avenue South
2
South Holden Street
ah aw k
h
uthe e So Aven u 112th
36th Avenue South
South Kenyon Street
ut
Southeast 72nd Place
h
So
106
34th Avenue
23rd Avenue
24th Place South h
lW ay
ut
na
Southeast 68th Street
ut So
gi
So
Southwest Othello Street
ar
Se
12th Avenue South
6th Avenue South
3rd Avenue South
South Columbian Way
WA 99
ue South Ohio Aven
37th Avenue Southwest
40th Avenue Southwest
1st Avenue South
M
ue
16th Avenue Southwest
ven rA
st
ay W
Ea
rt
26th Avenue Southwest Delridge Way Southwest
South Farrar Street
inie
o rp
34th Avenue Southwest
Southeast 47th Street
Ra
Ai
South Graham Street
Southeast 40th Street
129th Avenue Southeast
th
ue Sou
n Aven
44th Avenue Southwest
Way
Beaco
west ay South ginal W
ar West M
21st Avenue Southwest
ic
th M
Sou
Southeast 7th Street
Maple Lane
South Orcas Street
et
Stre
Cap rate Main Street
Southeast 2nd Street
Southeast 30th Street
Mercer Island
Southeast 40th Street
South Lucile Street
n higa
5.4%
156th Avenue Southeast
t es
w
9th Avenue South
outh th
South Hudson Street
South Pearl Street
Southeast 29th Street
ercer
Alas kan Way S
u So
47th Avenue Southwest
42nd Avenue Southwest
13th Avenue Southwest
ue
26th Avenue Southwest
n ve rA
M West
4th Avenue South
bo
South Waite Street
Southwest Ida Street
Property Name
Address
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Buyer Seller
1
Shangri-La
538 Lakeside Avenue S
1961
79
63,000
$23,125,000
9/11/2014
$292,722
$367.06
4.8%
Greystar RE Partners BlackRock Realty
2
Station at Othello Park
4219 S Othello Street
2011
351
244,594
$75,000,000
7/17/2014
$213,675
$306.63
5.1%
CBRE Investors Inc. Othello Partners
3
Verse
2201 S Jackson Street
2004
90
92,636
$18,548,240
4/28/2014
$206,092
$200.23
6.2%
Pacific Urban Residential Lorig Associates
1992
173
133,410
$38,891,080
$237,496
$291
5.4%
Average
34
E
3 1 South Wadsworth Place
Martin Luther King Junior Way South
e
25th Avenue Temple Place 30th Avenue
19th Avenue
15th Avenue
12th Avenue
14th Avenue
nu
ar
H
Southwest Spokane Street Swing Bridge
e
e Av
Bellevue
2nd Street AVG Price per unitMain StreetavgNortheast Price per SF
nu
rie
$291
Northeast 10th Place Northeast 8th Street
Northeast 6th Place
123rd Avenue Southeast
17th Avenue
e Av
ay nW ka as
Al
South Jackson Street
$237,496
Northeast 10th Street
Overlake Drive West
rive
8th
Broadway
St re et e
e
Vi n
nu
Seattle
Northeast 16th Street
Northeast 12th Street
D na dro Ma
ve tA
CENTRAL DISTRICT/ BEACON HILL/ RAINIER VALLEY
t lio El
Denny Way
Summit Avenue
Mercer Street
Colliers International Seattle
2015 Seattle Apartment Market Study
Central District/Beacon Hill/ Rainier Valley Development Pipeline
Deliveries 0
1,136
Northeast 10th Place
102nd Avenue Southeast Bellevue Way Southeast
Bellevue
Main Street
Southeast 2nd Street
Southeast 16th
ll R
d
154th Avenue Southeast
148th Avenue Southeast
112th
132nd Avenue Southeast
e So
uthe
118th Avenue Southeast
ast
Southeast 7th Street
Aven u
er
Hi
Southeast 41st Street
lla
gh
Southeast 40th Street
132nd Avenue Southeast
ast
13
aw
Ridgecrest Lane
ks
D ad Ro
uthe ast y So rkwa k Pa
Southeast 72nd Place
Southeast 47th Place
Newca
stle G
olf Clu
Cree
Wa y
Southeast 68th Street
116th Avenue Southeast
106
th A v
enu
Island Crest Way
e So
uthe
Southeast 47th Street
Coal
67 34
Northeast 2nd Street
Main Street
ah
South Holden Street
Northeast 8th Street
Northeast 6th Place
Ga
48th Avenue South
41st Avenue South
38th Avenue South
31st Avenue South
24th Place South
9th Avenue South
3rd Avenue South
1,449
Se
h
36th Avenue South
25th Avenue Temple Place 30th Avenue
34th Avenue
23rd Avenue
19th Avenue
15th Avenue
12th Avenue 12th Avenue South
ut
Martin Luther King Junior Way South
ue South
1st Avenue South
WA 99
Ohio Aven
16th Avenue Southwest
6th Avenue South
outh Way S Alas
kan
13th Avenue Southwest
26th Avenue Southwest 26th Avenue Southwest Delridge Way Southwest
37th Avenue Southwest
34th Avenue Southwest
40th Avenue Southwest
South Columbian Way
h
ut
So
174 177 505 70†
uth So
So
lW ay
858
156th Avenue Southeast
ay W
South Kenyon Street
na
418
129th Avenue Southeast
108†
rt
Southwest Ida Street
gi
Future
Maple Lane
ue ven rA inie Ra
27
o rp
Southwest Othello Street
ar
2018
Southeast 30th Street
Mercer Island
Southeast 40th Street
95 100 244 South 75 Hudson Street South Farrar Street 193 120 150South Orcas Street 70
South Graham Street
Ai
west
M
Way
th
ue Sou
n Aven
y South inal Wa
st
Southeast 29th Street
ercer
Beaco
arg West M
21st Avenue Southwest
Ea
e Av
M West
4th Avenue South
t
es
hw
ut
So
42nd Avenue Southwest
th
Sou
et
Stre
2017
123rd Avenue Southeast
14th Avenue
e
ay W
e
nu
ve rA
bo 47th Avenue Southwest
44th Avenue Southwest
Summit Avenue
nu
n ka
17th Avenue
e Av
as
Al
ar
H
South Pearl Street
e
nu
rie
E
South Wadsworth Place
South Lucile Street
2016
Northeast 10th Street
Overlake Drive West
rive
8th
Broadway
St e
e
Vi n
nu
92 20† 41 43
20
2015
† Affordable housing projects not included in unit counts
Northeast 12th Street
112 South47 Waite Street 111 196
an
FUTURE
Northeast 16th Street
51 64 157 95 33
200 South Jackson Street 160 275 65† 120 35†
hig Mic
2018
D na dro Ma
ve tA
re e
t
t lio El
Seattle
Southwest Spokane Street Swing Bridge
2017
Numbers within circles on map below indicate size of development
Mercer Street
Denny Way
2016
CENTRAL DISTRICT/ BEACON HILL/ RAINIER VALLEY
2015
Colliers International Seattle
35
b Roa
d
2015 Seattle Apartment Market Study
$554
4.1%
Douglas Road Northeast
st oad N
orthea
ast e Bou Montla k
Buyer tre et Seller
tS
42nd Avenue Northeast
23rd Avenue Northeast 25th Avenue Northeast
21st Place Northeast
Northe
20th Avenue Northeast
levard
East Gwinn Place $554.29 4.1%
$554
Memorial Way Northeast
Roosevelt Way Northeast
5th Avenue Northeast
6th Avenue Northeast
cS tree t
Pa cifi
rth
No
$280,864
15th Avenue Northeast
Corliss Avenue North rth No W ay
ke La n ee Gr st Ea Stone Way North
Ballard Bridge 15th Avenue West
28th Avenue West
22nd Avenue West
West Newell Street
Brooklyn Avenue Northeast
th Nor rive ree n La ke D
Aurora Avenue North
We st G
Aurora Avenue North
Phinney Avenue North
3rd Avenue Northwest
8th Avenue Northwest 7th Avenue Northwest 5th Avenue Northwest
10th Avenue Northwest
12th Avenue Northwest
Alonzo Avenue Northwest
20th Avenue Northwest
18th Avenue Northwest
24th Avenue Northwest
29th Avenue Northwest
32nd Avenue Northwest
Seaview Avenue Northwest
36th Avenue Northwest
Texas Way
ue Ave n gon Ore Magnolia Boulevard West
$45,500,000
et
No
oa
40th Avenue Northeast
tre
rthlak e Wa$280,864 8/29/2014 y
st B
43rd Avenue Northeast
North
er
ea
Cap Rate
38th Avenue Northeast
82,087
ck
rth
Northeast 45th Street
40th Avenue Northeast
West Barrett Street
Ni
$/NRSF
No
35th Avenue Northeast
so $45,500,000 nS
$/Unit
1
31st Avenue Northeast
82,087
Sale Date
North 40th Street
20th Place Northeast
Price
12th Avenue Northeast
et NRSF
rd
et
va
Stre
st
6th
ule
re
th 3
ea
St
Nor
Bo
n
rth
t
es
hw
so
na
North 42nd Street
rt No
er
North 50th Street
Northeast 75th Street
No
y Wa
162
ick
en
ary
162
11th Avenue West
2014
14th Avenue West
e ac
st We ue
2014
Units
e
Gr
ke
La
North 56th Street
rth
Northeast 81st Place
ce
av
Le
tN
Pl
Year Built
n Ave
Colliers International Seattle
on
Average
W es
North 58th Street
No
Northeast 85th Street Northeast 83rd Street
Pla
tR
st
we
West Barrett Street
n ma
4545 8th Avenue NE
s er
Lightbox
Gil
Address
Em
est eW
lac
hP 27t
Property Name
North 43rd Street
en
ay W
Cap rate
Northeast 88th Street
din
as
rth t es W
est eW
nu Ave
enue
West Emerson Street
North 46th Street
Northwest 45th Street
he
North Argyle Place
Northwest 52nd Street
W ay
e We
No
re
rt No
North 65th Street
Northwest Leary Way
do
rth
North 67th Street
e
mo
No
nu
om
31st
s Av
Illinio
tC
ay sW
ve yA
ar
Northwest Market Street
North 75th Street
rlis
Northwest 77th Street
Le
W West Lawton Street es
North 85th Street
Northwest 80th Street
Northwest 62nd Street
reet est 54th St
Northeast 86th Street
North 86th Street
Northwest 82nd Street North 82nd Street
Northwest 64th Street
Northw
36
Northwest 85th Street
Co
Northwest 65th Street
Bernie Whitebear Way
1
22nd Avenue Northwest
Northwest 70th Street
15th Avenue Northwest
North 88th Street
Northwest 87th Street
Northwest 68th Street
avg Price per SF
15th Avenue Northeast
AVG Price per unit
4.1%
Walla Walla R
$280,864
7th Avenue Northeast
GREENLAKE/ WALLINGFORD/ FREMONT
2014 Greenlake/Wallingford/Fremont Sales
UDR Intracorp Companies East Shelby Street
West approa ch
bridge north
(WABN)
2015 Seattle Apartment Market Study
Greenlake/Wallingford/Fremont Development Pipeline
Deliveries
Pa
No rth
23rd Avenue Northeast 25th Avenue Northeast
21st Place Northeast
et
st orthea
Douglas Road Northeast
tre
Walla Walla R
tS
oad N
ast Northe ulevard
Roosevelt Way Northeast
7th Avenue Northeast
5th Avenue Northeast
6th Avenue Northeast
t
oa
cifi c
Str ee
st B
ke Bo
rth No W ay La n ee Gr st Ea
lake W ay
ea
20th Avenue Northeast
Corliss Avenue North
ree n La ke D
ke
Brooklyn Avenue Northeast
th Nor rive
Aurora Avenue North
We st G
Phinney Avenue North
3rd Avenue Northwest
10th Avenue Northwest
8th Avenue Northwest 7th Avenue Northwest 5th Avenue Northwest
Aurora Avenue North
Stone Way North
Ballard Bridge 15th Avenue West
22nd Avenue West
15th Avenue Northeast
15th Avenue Northwest
Alonzo Avenue Northwest
20th Avenue Northwest
18th Avenue Northwest
12th Avenue Northwest
36th Avenue Northwest
Texas Way
Ave nue Ore gon
24th Avenue Northwest
32nd Avenue Northwest
Seaview Avenue Northwest
29th Avenue Northwest 28th Avenue West
et
North
279 77
rth
Northeast 45th Street
40th Avenue Northeast
126 119
No
43rd Avenue Northeast
tre
North 40th Street
126 279
38th Avenue Northeast
North 42nd Street
North
nS
40
40th Avenue Northeast
30 150 42
35th Avenue Northeast
West Newell Street
so
North 50th Street
31st Avenue Northeast
West Barrett Street
er
rth
20th Place Northeast
ck
12th Avenue Northeast
Ni
56
rd
et
va
re
Nor64 27 35 th 3 6th Stre et
st
St
ule
n
ea
st
so
Bo
we
rth
No
er
ke
La
North 56th Street
Gr
100
28
rth
y Wa
ick
na
ary
st We
11th Avenue West
ue
14th Avenue West
e ac Pl
ven nA ma
on
tN
North 58th Street
No
Northeast 75th Street
No
North 43rd Street 71†
Le
W es
en
st s er
Gil
est eW
lac
hP
West Barrett Street
Em
27t
West Emerson Street
North 46th Street
Northwest 45th Street
t es W
est eW
nu Ave
W ay
n ee
ay W
Northeast 81st Place
ce
av
we
rth
Northwest 52nd Street
Northeast 85th Street Northeast 83rd Street
Pla
tR
North Argyle Place
Northeast 88th Street
din
as
No
re
he
23
140 62 e We
North 67th Street North 65th Street
Northwest Leary Way
do
588
Northeast 86th Street
rt No
32
34
e
mo
0
rth
North 75th Street
Northwest Market Street
nu
om
31st
enue
s Av
Illinio
tC
266
No
34
Northwest 77th Street
Northwest 64th Street
ve yA
W es
327
ay sW
Northwest 80th Street
ar
West Lawton Street
674
† Affordable housing projects not included in unit counts
North 86th Street
North 85th Street
Northwest 82nd Street North 82nd Street
Le
th Street orthwest 54
N
Magnolia Boulevard West
Northwest 85th Street
Northwest 62nd Street
Bernie Whitebear Way
Future
rlis
Northwest 65th Street
2018
Co
22nd Avenue Northwest
Northwest 70th Street
2017
North 88th Street
Northwest 87th Street
Northwest 68th Street
2016
greenlake/
Numbers within circles on map below indicate size of development
2015
42nd Avenue Northeast
FUTURE
Montla
2018
Memorial Way Northeast
2017
15th Avenue Northeast
2016
GREENLAKE/ wallingford/ WALLINGFORD/ fremont FREMONT
2015
East Gwinn Place
East Shelby Street
West approa ch
bridge north
Colliers International Seattle
37
(WABN)
2015 Seattle Apartment Market Study
Princeton Avenue Northeast
ea
st
Tu la
ne
ea
st
36th Avenue Northeast
34th Avenue Northeast
rth
Pl
ac
e
the
2
University Manor
1305 NE 43rd Street
1928
3
Muriel's Landing
5240 University Way NE
Sportsfield Drive
d
No Sa
nd
Po
int
W ay
25th Avenue Northeast
Roa
Cap Rate
Buyer Seller
$577.20
4.0%
Equity Residential Intracorp
$162,500
$257.80
3.7%
Gibraltar Investment Carl Schaber/Gene & Marie Casal
$240,000
$596.23
6.0%
FSC Realty Schuster Group
$233,569
$477
4.6%
No
$/Unitrtheast 3$/NRSF 3rd S tr
50,426
$13,000,000
4/22/2014
2012
100
40,253
$24,000,000
3/25/2014
1985
97
49,514
$23,466,400
re
rith
Northeast 50th Street
Northeast 36th Street
80
St
Pen
Northeast 38th Street
$298,207
ic
ast
Northeast 41st Street
12/30/2014
cif
Northeast 61st Street Northeast 60th Street
Northeast 44th Street
$33,399,200
Pa
Cap rate
Northeast 47th Street
e57,864 t
st
4.6%
Northeast 65th Street
Nor
rth
112
No rth la ke
No
Sale Date
ea
NRSF
orthea s
t
2014
rth
Northeast 65th Street
Price
rth
Units
oad N
ast Northe
1020 NE 63rd Street
Colliers International Seattle
30th Avenue Northeast
26th Avenue Northeast
22nd Avenue Northeast levard
1
SquareOne
No
ke Bou
Year Built
W ay
Address
Average
avg Price per SF Northeast 70th Street
Northeast 45th Street
Walla Walla R
Roosevelt Way Northeast
7th Avenue Northeast
Northeast Northlake Way
Montla
North 39th Street
Property Name
North 35th Street
38
3
Northeast 42nd Street
No
Stone Way North
Wallingford Avenue North
Northeast 43rd Street
Memorial Way Northeast
4th Avenue Northeast
5th Avenue Northeast
North 43rd Street
Brooklyn Avenue Northeast University Way Northeast
or N
North 45th Street
20th Avenue Northeast
North 50th Street
Douglas Road Northeast
la ce
Le af P
th ea st
UNIVERSITY DISTRICT
rth No
No
AVG Price per unit
52nd Avenue Northeast
ce
Pla
rth
ak
nL
ee
Gr
ay eW
North 52nd Street
32nd Avenue Northeast
rd va
ule
Bo
od wo
Kirk North Clogston Way
2
Northeast 56th Street
$477
Northeast 75th Street
Northeast 74th Street
Northeast 73rd Place
28th Avenue Northeast
1
na
North 62nd Street
en av
North 64th Street
R st
ea
rth
treet
Northeast 70th Street
12th Avenue Northeast
66th S
$233,569
Northeast Park Place
Northeast 75th Street
Northeast 70th Street No
North
Northeast 76th Street
Northeast 73rd Street
M ap le
North 75th Street
40th Avenue Northeast
2014 University District Sales
eet
2015 Seattle Apartment Market Study
Northeast 56th Street
Na
om
Sportsfield Drive
nd S
iP
lac
e
Roa
d
st ea rth ac
e
No
Future
Pl n
0
we
330
2018 Co
2017
384
Northeast 41st Street Northeast 38th Street
Northeast 36th Street North
east 3
21st Avenue Northeast
st
20th Avenue Northeast
9th Avenue Northeast
Northeast 57th Street
ea
15th Avenue Northeast
rith
12th Avenue Northeast
Princeton Avenue Northeast
8th Avenue Northeast
yN
Po
nd Sa
Pen
rth
t tree
62 ast
N
No
et
Stre
e orth
Brooklyn Avenue Northeast
5th Avenue Northeast
t
6th Avenue Northeast
as the
4thW Avenue Northeast a
or
Douglas Road Northeast
st orthea
int
Corliss Avenue North
W
oad N
Northe
ast
Walla Walla R
levard e Bou Montla k
Oswego Place Northeast
40th Avenue Northeast
36th Avenue Northeast 1st Avenue Nor
theast
North
Sunnyside Avenue
30th Avenue Northeast
rth
26th Avenue Northeast
e nu Av e wn oo 25th Avenue Northeast dla
Memorial Way Northeast
Roosevelt Way Northeast
7th Avenue Northeast
34th Avenue Northeast
22nd Avenue Northeast
Brooklyn Avenue Northeast University Way Northeast
4th Avenue Northeast
5th Avenue Northeast
No
Le
le M ap st ea or th N
W ay ke la rth No rth No
Wallingford Avenue North
260
Northeast 44th Street
Northeast 56th Street
as rthe
11th Avenue Northeast
197
rd t 63
20th Avenue Northeast
2016
19th Avenue Northeast
2015
200 220
Deliveries
Northeast 59th Street
Northeast 47th Street
18th Avenue Northeast
105
ast
17th Avenue Northeast
the
Northeast 65th Street
Northeast 66th Northeast 61st StreeStreet t Northeast 60th Street 110
No
Nor
16th Avenue Northeast
e
12th Avenue Northeast
ac
Northeast 70th Street
Northeast 68th Street
Roosevelt Way Northeast
197
orth
et
eN
re
Pl
260
Northeast 50th Street
Northeast 58th Street
lac
St
rth
ic
No
cif
Northeast 60th Street
nP
ce
Pa
Northeast 61st Street
gto sin
Pla
st
Tu la
ne
North 63rd Street
Ken
ea
st
788
Northeast 69th Street
79
52nd Avenue Northeast
North 64th Street Northeast 64th Street
ea
0
Street
Northeast 70th Street
Northeast 67th Street
t as he ort
rth
eN
No
c Pla
99
d
oo W
e Av
Northeast 45th Street
od
th or
eN lac
rth
wo Kirk
P od
Northeast Northlake Way No
rth
60 37 62 214
20
No
102 Northeast 42nd Street
North 39th Street
North 65th Street
n
roosevelt
t as
e
rth
No
w la
Northeast 70th Northeast 71st Street
e Northeast 65th Street nu
North 62nd Street
o nw Ke
99
33
ce
184
Pla
20
126
ne
168
40 56
treet
North 64th Street
sto
47 Northeast 43rd Street
et
60
109 75
66th S
North 65th Street
Key
Street
66
115 20th Avenue Northeast
North 50th Street
50†
Northeast 71st Street
214
Future
† Affordable projects not included in unit counts Northeasthousing 72nd Street
in ed We
rth
No
51
70
North 52nd Street
35th Street
North
s
ea
rth
No
tM
Northeast 75th Street 2016 2017 2018
Northeast 73rd Street 402 509
a
Pl
af
ard lev ou aB nn ve Ra st st ea ea rth rth No No ue en Av
ce
Pla
th
r No
ce
5th
rd
va
ule
Bo
od wo
Kirk
on Way
Northeast 56th Street
32nd Avenue Northeast
na
North 62nd Street
en
North 64th Street
av tR
as
he
treet
Northeast 70th Street
12th Avenue Northeast
66th S
2015
Northeast 74th Street 2018 FUTURE
Le Numbers within circles on map below indicate lesize of development ap
Northeast 70th Street rt No
North
2017
Northeast 73rd Place
28th Avenue Northeast
Northeast 73rd Street
2016
uNIVERSITY DISTRICT
2015
Deliveries
Northeast Park Place
Northeast 75th Street
Meridian Avenue North
Pl ac e
Northeast 76th Street
af
North 75th Street
20th Place Northeast
University District Development Pipeline
3rd S
treet
Colliers International Seattle
39
North
ea
2015 Seattle Apartment Market Study
Utah Avenue South
st
4th Avenue South
2nd Avenue South
5.0%
South Mead Street Abacus Capital Group Randolph Street RE Cap
$223.36
5.2%
Granite Peak Partners Richard Powlesland
$294
5.1%
Ea
st
High
land
Park
Way So
u
W ay
So
M
ar
gi
na
lW ay
So
ut
h
enu
$218,958
ial
$366.58
16th Avenue Southwest
18th Avenue Southwest
22nd Avenue Southwest
Delridge Way Southwest
et
26th Avenue Southwest
$13,137,500
33rd Avenue Southwest
45,262
35th Avenue Southwest
60
$179,583
1st Avenue South
35th Avenue Southwest Fauntl eroy W ay Sou thwe
37th Avenue Southwest
40th Avenue Southwest Fauntleroy Way Southwest
2006
Avenue Southwest
1/17/2014
48th Avenue Southwest
$10,775,000
str
th
48,240
du
y Sou
60
In
rt Wa
1999
Buyer South Lucile Street Seller
thwest
$258,333
h
ou Way S
6/24/2014
tre
$15,500,000
ut
Cap Rate
rginal
nS
so
aw
st
we
42,283
Southwest Mills Street
a West M
D st
uth
So
California Avenue Southwest
we
ve
60
$/NRSF
So
Airpo
uth
Dri
2012
50th Avenue Southwest
East Marginal Way South
46th Avenue Southwest
49th Avenue Southwest
42nd Avenue Southwest
WA 99
e nu Av e ki Al
st
ach
Be
3295 SW Avalon Way
Colliers International Seattle
South Lander Street
South Spokane Street
So
we
52nd Avenue Southwest
Southwest Idaho Street
uth
So
53rd Avenue Southwest
59th Avenue Southwest 58th Avenue Southwest
ay iral W
61st Avenue Southwest
t
t Adm hwes
Sout
y Wa
1 2
$/Unit
3233 SW Avalon Way
South Stacy St
Southwest Dakota Street
Sale Date
Westside Flats
South Holgate S
Cap rate
Southwest Spokane Street Swing Bridge
Price
2
South Massachusetts S
South Hanford Street
NRSF
Residences at 3295
5.1%
South Forest S
Units
1
Edgar Martinez Drive South
avg Price per SF
Southwest Lander Street
Year Built
Address
$294
AVG Price per unit
s we th
nn
Gle
55th Avenue Southwest
63rd Avenue Southwest
26th Avenue Southwest
we ut h So
WEST SEATTLE
u So
Southwest Admiral Way
Property Name
Average
40
$218,958
ue en Av
st
or rb Ha
2014 West Seattle Sales
st outhwe Way S
16th Avenue Southwest
rginal
18th Avenue Southwest
159
Southwest Idaho Street
High
Southwest Myrtle Street Southwest Othello Street
2018
1200 608 0 0
Southwest Lander Street
land
East Marginal Way South
2017
Park
469
Southwest Spokane Street Swing Bridge
Utah Avenue South
Future
Southwest Dakota Street
Way So
Colliers International Seattle
2nd Avenue South
26th Avenue Southwest
2016
1st Avenue South
WA 99
es t
2015
st
Ea
4th Avenue South
a West M
et
22nd Avenue Southwest
st
46 51
Delridge Way Southwest
102
35th Avenue Southwest Fauntl eroy W ay Sou thwe
37th Avenue Southwest
40th Avenue Southwest
FUTURE
tre
nS
so aw tD
Southwest Mills Street
s we
30
uth
20
2018
26th Avenue Southwest
46th Avenue Southwest
ut hw
So
2017
33rd Avenue Southwest
100
Fauntleroy Way Southwest
38 35 216 38 88 151 203 389
45 75
35th Avenue Southwest
206
38th Avenue Southwest
80 40
42nd Avenue Southwest
29
Deliveries WEST SEATTLE
136
So
st
we
uth
So
California Avenue Southwest
ue
ki Av en
2016
ay iral W
st
we
uth
So
ve
Dri
48th Avenue Southwest
49th Avenue Southwest
t Adm hwes Sout
y Wa
ach
Be
50th Avenue Southwest
Southwest Admiral Way
st
nn
Gle
52nd Avenue Southwest
Al
Numbers within circles on map below indicate size of development
e hw ut So
53rd Avenue Southwest
2015
e nu ve rA
55th Avenue Southwest
59th Avenue Southwest 58th Avenue Southwest
o rb
61st Avenue Southwest
West Seattle Development Pipeline Ha
63rd Avenue Southwest
2015 Seattle Apartment Market Study Edgar Martinez Drive Sou South Massac South
South
South Lander Str Sout
South Hanford Street
South Spokane Stree
So ut
M
uthw est
41
ar gi
h
na
In du s
South Lucile Street South Mead Stre
lW ay
nu e No rth we
t
st
es
w
Greenwood Avenue North
Phinney Avenue North
Sycamore Avenue Northwest
North 50th Street
Northwest Leary Way Northwest Ballard Way
Northwest 48th Street
Northwest Ballard Way
North 48th Street
Northwest 47th Street North 45th Street
2013
166
128,621
$57,000,000
t
es W
21st Avenue West
22nd Avenue West
23rd Avenue West
$57,000,000
6/2/2014
$/Unit
$/NRSF
st
128,621
t
166
Sale Date
North 43rd Street
we
es W
ue en Av
ue
2013
Price
h ort
an
en Av
d
ar
ev
ul
Bo
Units
yN Wa
24th Avenue West
Northwest 45th Street
ry
27th Avenue West
Northwest 51st Street
Northwest 50th Street
North 46th Stree
ilm
st
rk
Pa
34th Avenue West
y
er
ov
Texas Way
a
l kP
a Le
G
sc
Colliers International Seattle
D st
ce
Northwest 45th Street
Year Built
NRSF
1
Northwest 52nd Street
we
rth
No
North 54th Street
Northwest 53rd Street
oc
Di
1139 NW Market Street
Average
42
31
West McCord Place
e enu s Av
Broadstone Koi
West Government Way
West Lawton Street
Property Name Address
1
Northwest 54th Street
Way
Illinio
Discovery Park Boulevard
th
Texa s
or
ore Way
North 65th Stre
Northwest 55th Street
Northwest Market Street
ve yA
West Commod
w
th
r No
N
st
54
North 66th Street
North 57th Street
ar
we
t es
e
rth
nu
No
North 68th Street
Le
e
et
re
St
e Av
Bernie Whitebear Way
th
le
nu
ho
Av e
ils
iew
North 71st Street
North 59th Street
Northwest 57th Street
Sh
st
e We
av
32nd Avenue Northwest
u Aven
Se
Northwest 59th Street
Ballard Bridge
39th West Sheridan Street
Northwest 61st Street
Northwest 61st Street Northwest 60th Street
Palatine Avenue North
Northwest 62nd Street
1st Avenue Northwest
Northwest 63rd Street
North 72nd Street
Cap rate
2nd Avenue Northwest
7th Avenue Northwest
Northwest 64th Street
6th Avenue Northwest
Northwest 65th Street
Northwest 65th Court
4.5%
3rd Avenue Northwest
8th Avenue Northwest
9th Avenue Northwest
10th Avenue Northwest
14th Avenue Northwest
Mary Avenue Northwest
Alonzo Avenue Northwest
13th Avenue Northwest
16th Avenue Northwest
15th Avenue Northwest
24th Avenue Northwest
33rd Avenue Northwest
34th Avenue Northwest
$443
avg Price per SF 5th Avenue Northwest
BALLARD
AVG Price Northwest Canoe Place per unit
Dibble Avenue Northwest
$343,373
Northwest Sloop Place
North 76th Street
Northwest 75th Street North 75th Street 12th Avenue Northwest
Northwest 67th Street
Northwest 76th Street 11th Avenue Northwest
Northwest 69th Street
23rd Avenue Northwest
Northwest 70th Street
27th Avenue Northwest
Northwest 72nd Street
25th Avenue Northwest
Northwest 74th Street
26th Avenue Northwest
2014 Ballard Sales
Jones Avenue Northwest
2015 Seattle Apartment Market Study
Cap Rate
Buyer Seller
CBRE Investors Inc. Alliance Residential
$343,373
$443.16
4.5%
$343,373
$443
4.5%
Northwest 40th Street
North 41st Street
2015 Seattle Apartment Market Study
Ballard Development Pipeline
Deliveries 2015
FUTURE
536
117*
e nu
t
Greenwood Avenue North
Phinney Avenue North
Palatine Avenue North
8th Avenue Northwest
9th Avenue Northwest
13th Avenue Northwest
14th Avenue Northwest
Mary Avenue Northwest
Sycamore Avenue Northwest
1st Avenue Northwest
North 65th Stree
North 59th Street
North 54th Street
Northwest 53rd Street Northwest 52nd Street
81
Northwest 50th Street
North 50th Street
Northwest Leary Way Northwest Ballard Way
Northwest 48th Street
Northwest Ballard Way
North 48th Street
Northwest 47th Street North 45th Street
22nd Avenue West
t
t
es W
t
21st Avenue West
North 43rd Street
es
e
es W
d ar
u en Av
171
hw
an
ue
ev
ul
Bo
en Av
ilm
st
rk Pa
34th Avenue West
y
er
ov
23rd Avenue West
sc Di
24th Avenue West
North 46th Stree Northwest 45th Street
Northwest 45th Street
ort yN Wa
G
c Do
Northwest 51st Street
e
ac
ry
27th Avenue West
North 66th Street
a Le
31
e enu
s Av
Texas Way
Alonzo Avenue Northwest
Northwest 54th Street
st we rth No
es
w
West Government Way
West McCord Place
st
we
th
r No
North 68th Street
Northwest 55th Street
Northwest Market Street
l kP
West Lawton Street
North 71st Street
106*
48
303
Way
Illinio
Discovery Park Boulevard
th
Texa s
or
ore Way
N
West Commod
th
r No
ve yA
st
38*
ar
we
4
t5
s we
e
rth
nu
No
51† 136
North 72nd Street
North 57th Street
Northwest 57th Street
Le
e
105
et
re
St
e Av
Bernie Whitebear Way
th
le
nu
30
20*
84
ho
Av e
40
25
ils
iew
63
Northwest 59th Street
Sh
st
e We
av
32nd Avenue Northwest
u Aven
Se
*Condo or potential condo † Affordable housing projects not included in unit counts
2nd Avenue Northwest
Northwest 61st Street Northwest 60th Street
39th West Sheridan Street
Northwest 61st Street
Future North 76th Street
3rd Avenue Northwest
Northwest 62nd Street
2018
136Northwest 0 75th Street 490 North 75th Street
6th Avenue Northwest
Northwest 63rd Street
Ballard Bridge
33rd Avenue Northwest
34th Avenue Northwest
Northwest 64th Street
391
7th Avenue Northwest
72 24
Northwest 65th Street
Northwest 65th Court
2017
5th Avenue Northwest
Northwest Sloop Place
90
12th Avenue Northwest
Northwest 67th Street
Northwest Canoe Place
11th Avenue Northwest
Northwest 69th Street
27th Avenue Northwest
Northwest 70th Street
26th Avenue Northwest
Northwest 72nd Street
15th Avenue Northwest
Numbers within circles on map below indicate size of development Northwest 74th Street
2016
Northwest 76th Street
10th Avenue Northwest
16th Avenue Northwest
2018
BALLARD
24th Avenue Northwest
2017
Dibble Avenue Northwest
Jones Avenue Northwest
2016
23rd Avenue Northwest
25th Avenue Northwest
2015
North 41st Street Northwest 40th Street
Colliers International Seattle
43
2015 Seattle Apartment Market Study
$355
tre
et
$58,750,000
uth
ea st
outhea st 5th 165,056 220 Stre
So rive
ore lan dD
Sh
8/18/2014
S
et
$267,045
$267,045
110th Avenue Northeast 111th Avenue Northeast
Buyer SellerSoutheast 1st Street
$355.94
5.3%
Essex Property Trust AvalonBay
$355
5.3%
Southeast 4th Street
ast
$58,750,000
Cap $/NRSF Southeast 2nd Street Rate
uthe
165,056
220
$/Unit
e So
Colliers International Seattle
Sale Date
Main Street
u Aven
44
Price
Southeast 1st Street
114th
1994
NRSF
107th Avenue Southeast 106th Avenue Southeast
e
Average
105th Avenue Southeast
1994
riv
11200 NE 11th Street
Units
101st Avenue Southeast
tD
in
Po
Ellington at Bellevue
Year Built
Bellevue Way Southeast
at
ro
1
Address
Northeast 3rd Place
12
th
St
re
eet
tS
103rd Avenue Northeast
1s
102nd Avenue Northeast
st
st Str
ea
118th Avenue Southeast
rth
st
st
No
t
east 1
as
112th Avenue Northeast
the
South
or
G
Property Name
103rd Avenue Northeast
Northeast 4th Street
ea
et
Lake Bellevue Drive
Bellevue
108th Avenue Northeast
dN
Street
Northeast 6th Street
107th Avenue Northeast
ar
rth
114th Avenue Northea
lev
101st Avenue Northeast
101st Place Northea
st
ou
Northeast 10th
No
st ea ce
et
th
re
or
St
Pl a
nB
h
th
gto
5t
98
t Eas rive
hin
Ove rlak
st We
eD
d
W as
st
Northeast 9th Place
106th Place Northeast 106th Avenue Northeast
ve
Dri
oa
ke
ea
1
Northeast 10th Street
105th Avenue Northeast
ke
eR
La
Northeast 12th Street
N
rth
Northeast 12th Place
120th Avenue Northeast
No
Northeast 13th Street
Cap rate
119th Avenue Northeast
erla
Ov
dg
100th Avenue Northeast
Northeast 8th Street
et
97th Avenue Northeast
Highmoor Lane
tre
Northeast 15th Street
Bellevue Way Northeast
ad
tS
Ro
1s
ad
p Ro
Hillto
rk
st
Northeast 12th Street
Pa
ea
Vineyard Crest
Sunset Way
Northeast 7th Street
th
Northeast 14th Street
92nd Avenue Northeast
or
91st Avenue Northeast
Northeast 15th Place
Northeast 16th Place
110th Avenue Northeast
Laurel Lane
Northeast 6th Street
Ri
102nd Avenue Northeast
85th Avenue Northeast
Northeast 16th Street
N
Northeast 8th Street
Northeast 17th Street
Clyde Lane
avg Price per SF
116th Avenue Northeast
80th Avenue Northeast
84th Avenue Northeast
AVG Price per unit
5.3% 120th Avenue Northeast
$267,045
114th Avenue Northeast
WEST BELLEVUE
2014 West Bellevue Sales
Main Street
Southeast 4th Place
2015 Seattle Apartment Market Study
West Bellevue Development Pipeline
Deliveries FUTURE
as
rth
ea
1s
tS
tre
et
G ea st uth So
Southeast 1st Street Southeast 2nd Street
Main Street
st
12
th
St
re
et
Lake Bellevue Drive
Southeast 1st Street
ast
Southeast 4th Street
120th Avenue Northeast
110th Avenue Northeast 111th Avenue Northeast
57†
uthe
rive
550
e So
Sh ore lan dD
79
Northeast 3rd Place
170
u Aven
et
260 105th Avenue Southeast
e
th Stre
101st Avenue Southeast
riv
tD east 5
127
114th
in Po South
256 Bellevue Way Southeast
at ro
20
130
353
148
107th Avenue Southeast 106th Avenue Southeast
158 160
103rd Avenue Northeast
st
102nd Avenue Northeast
t
Street
ea
et
No
rth
Bellevue
112th Avenue Northeast
the
Northeast 10th
No
st Str e
or
2,177
118th Avenue Southeast
Northeast 4th Street
1,375
Northeast 6th Street
100
108th Avenue Northeast
dN
401
east 1
ar
638
South
lev
100 231
1,003
110th Avenue Northeast
101st Place Northea
st
ou
101st Avenue Northeast
st ea th or ce
et
1,000*
N
re
240
Pl a
nB
St
152 Northeast 9th Place 135 260
th
gto
h
98
rive
hin
5t
290
Northeast 10th Street
107th Avenue Northeast
Ove rlak
st We
eD
d
W as
st
183
106th Place Northeast 106th Avenue Northeast
ve
Dri
oa
ke
ea
317
105th Avenue Northeast
ke
eR
Eas
t
erla
Ov
dg
La
Northeast 12th Place
175
Future
120th Avenue Northeast
rth
Northeast 13th Street
Northeast 12th Street
2018
119th Avenue Northeast
No
Northeast 6th Street
Ri
100th Avenue Northeast
Northeast 8th Street
et
97th Avenue Northeast
Highmoor Lane
tre
Northeast 15th Street
Bellevue Way Northeast
ad
tS
Ro
1s
ad
p Ro
Hillto
rk
st
Northeast 12th Street
Pa
ea
Vineyard Crest
Sunset Way
Northeast 7th Street
th
Northeast 14th Street
92nd Avenue Northeast
or
91st Avenue Northeast
Northeast 15th Place
Northeast 16th Place
103rd Avenue Northeast
Laurel Lane
N
Northeast 8th Street
102nd Avenue Northeast
85th Avenue Northeast
Northeast 16th Street
2017
*Condo or potential condo † Affordable housing projects not included in unit counts
Northeast 17th Street
Clyde Lane
2016
116th Avenue Northeast
80th Avenue Northeast
84th Avenue Northeast
Numbers within circles on map below indicate size of development
2015
st
2018
114th Avenue Northea
2017
114th Avenue Northeast
2016
Main Street
Southeast 4th Place
Colliers International Seattle
45
WEST BELLEVUE
2015
2015 Seattle Apartment Market Study
no 2014 sales
Brid
lewo
Average
46
Colliers International Seattle
th
ea
st
Sale Date
Northeast 31st Place
$/Unit
Cap Rate
Northeast 26th Place
$/NRSF
134th Avenue Northeast
or
Northea
st 51st
Street
rt
137th Avenue Northeast
Price
N
Northeast 62nd Court
Northeast 45th Cou
135th Avenue Northeast
NRSF
Northeast 26th Street
e
116th Avenue Northeast
No rth ea st Dr s in t
Units
Av e
nu
ive
Address
Year Built
Po
Property Name
132nd Avenue Northeast
92nd Avenue Northeast
Hunts Point Road
east North
Evergreen Point Road
ue Aven
th
Northeast 28th Street
Northeast 48th Place
Northeast 66th Court
Northeast 40th Street
Northeast 32nd Street
Buyer Seller
156th Avenue Northeast 157th Avenue Northeast
od C
Northeast 60th Street
Northeast 37th Street
11 2
Northeast 30th Place
144th Avenue Northeast
e
148th Avenue Northeast
Plac
140th Avenue Northeast
ircle
Lakeview Drive
Northeast 69th Street
140th Avenue Northeast
State Street South
2nd Street South
Lake Street South
53rd Avenue Northeast
t 70th
Northeast 39th Street
Drive
east North enue
heas
108th
oints
t
Northeast 72nd Street
Nort
Northeast 52nd Street
east P
Place
Northeast 76th Street
Northeast 65th Street
Northeast 59th Street
80th
Av 154th
east
Northeast 67th Street
Northeast 63rd Street
North
Wa y North
Northeast 70th Street Northeast 68th Street
ond
as
5th Avenue South
dm
the
ue
Northeast 86th Court
Re
or dN
d
Ave n
a Ro ws
Roa
2nd
Northeast 85th Street
Cap rate illo
rith
C
122nd Avenue Northeast
t
Pen
118th Avenue Northeast
tree eS
ast
ay 5th Avenue lW
ra ent
9 Lane
3rd Street
Lak
Market Street
the
Northeast 90th Street
7th Avenue
8th Lane
Sand Point Way Northeast
51st Avenue Northeast
55th Avenue Northeast 54th Avenue Northeast
Nor
11th Avenue
10th Avenue
Northeast 65th Street
avg Price per SF 132nd Avenue Northeast
AVG Price per unit
W
KIRKLAND
2014 Kirkland Sales
2015 Seattle Apartment Market Study
Kirkland Development Pipeline
Deliveries FUTURE
220
2nd
Ave n
ue
5th Avenue South
Northeast 68th Street
Northeast 86th Court
Re
dm
ond
east
North
east
70th
Northeast 69th Street
Plac
e
140th Avenue Northeast
ircle Brid
lewo
od C
Northeast 60th Street
ts in Po
Northeast 28th Street
Dr ive
No
rth
ea s
t
th
Northeast 26th Street
Av e
nu
e
N
or
th
ea
st
Northeast 31st Place
Northeast 26th Place
137th Avenue Northeast
11 2
Northeast 30th Place
Northeast 37th Street
Drive
Northeast 62nd Court
Northea
st 51st
Street
rt
135th Avenue Northeast
oints
116th Avenue Northeast
east P
Northeast 39th Street
243
Northeast 66th Court
Northeast 45th Cou
134th Avenue Northeast
east
180
Northeast 48th Place
132nd Avenue Northeast
North
Hunts Point Road
ue Aven
Evergreen Point Road
108th
92nd Avenue Northeast
Northeast 52nd Street
58*
Place
Northeast 72nd Street
North
Northeast 65th Street
Northeast 59th Street
80th
Northeast 76th Street
Northeast 67th Street
Northeast 63rd Street
North
Wa y
140th Avenue Northeast
State Street South
2nd Street South
441
east North enue
Lake Street South
0
Northeast 85th Street
Northeast 70th Street
Lakeview Drive
220
Av 154th
53rd Avenue Northeast
88
t as the or
d
786
*Condo or potential condo
N ad Ro
Roa
Future
ws illo W
rith
y
122nd Avenue Northeast
Pen
118th Avenue Northeast
t
ast
a 5th Avenue W350 290 tral 9 Lane
tree
the
7th Avenue
3rd Street
eS
Lak
Market Street
88
Nor
2018
Northeast 90th Street
e 8th Lan
Sand Point Way Northeast
51st Avenue Northeast
55th Avenue Northeast 54th Avenue Northeast
Northeast 65th Street
2017
11th Avenue
91
10th Avenue
73Cen
2016
KIRKLAND
Numbers within circles on map below indicate size of development
2015
Northeast 40th Street
156th Avenue Northeast 157th Avenue Northeast
2018
148th Avenue Northeast
2017
144th Avenue Northeast
2016
132nd Avenue Northeast
2015
Northeast 32nd Street
Colliers International Seattle
47
2015 Seattle Apartment Market Study
north KING :: MARKET OVERVIEW
north king
$1.53
%
2.8%
2015-2018 deliveries
$
average vacancy
Market Snapshot
avg rent per sf
Bothell Shoreline North Seattle
1,399
Colliers International Seattle
49
2015 Seattle Apartment Market Study
Lake Forest Park
ll W ay
ds
rth
ea
st
Northeast 1
132nd Avenue Northeast
orth
east
eN
124th Avenue North
Driv nita Jua
Northeast 112th Street Forbes Creek Drive
18th Avenue
y
Way
Northeast 85th Street
Re
dm
Number of Sales Sales Volume Average PPU Average PPSF Average Cap Rate Number of Deliveries
2010 2 $42.2M $124,413 $126 6.4% 109
2011 4 $51.2M $124,449 $134 5.8% 21
2012 6 $142.1M $161,080 $164 5.8% 239
2013 6 $107.5M $185,077 $164 5.2% 763
2014 6 $129.6M $180,081 $236 5.2% 797 Sales: Buildings 50+ units
50
Colliers International Seattle
ond
Wa y
Redmond
Historical performance 2009 1 $5.6M $101,014 $154 5.9% 777
Northeast 128th Stre
Kirkland
Central Wa
Northeast 65th Street
Northeast 124th Street
6th Street South
25th Avenue Northeast
Roosevelt Way Northeast
eas
t
t
as
5th Avenue Northeast
he ort dN
Northeast 160th Street
Northwest Market Street
Texa s
No
a Ro
Aurora Avenue North
the
on
Greenwood Avenue North
Bo
Sim
rtheast
32nd Avenue Northwest
North 85th Street
enue No
north seattle
24th Av
North 115th Street 15th Avenue Northwest
Bothell
156th Avenue Northeast
ad
7th Place West 4th Place West
Locust Way
238th Street Southeast
Northeast 187th Street
shoreline
228th Street Southeast
80th Avenue Northeast
Northwest Richmond Beach Road
228th Street Southwest
Carter Ro
Northeast 205th Street
23rd Avenue West
Brier Road
99 wa y
Way
Hig h
Cedar
Northwest 195th Street
1st Avenue Northeast
north king
Mountlake Terrace
15th Avenue Northeast
Timber Lane
North King neighborhoods have received significantly less attention than their urban counterparts. Yet due to overwhelmingly positive market fundamentals, these markets have performed quite well over the last several years—and 2014 is no exception. Rent growth in the last year neared 8% and these neighborhoods represent one of the lowest vacancy rates— currently at 2.8%. With a relatively small development pipeline, these neighborhoods are forecasted to outperform the market.
100th Avenue Wes t
north king
2015 Seattle Apartment Market Study
market fundamentals
$1,202
North King County AVG RENT per unit
$1.53
CURRENT VACANCY
1,399 Units planned
2,706 Units delivered
8.00%
$1,200
7.00% 6.00%
$1,000
5.00%
$800
4.00% $600
3.00%
$400 $200 $0
north king
$1,400
Vacancy Rate
Monthly Rent
2.8%
AVG RENT per SF
2.00% 359
39
407
777 179
36
86
163
Market Rent
124
763 109
116
21
239
797
593
321
485
1.00% 0
0.00%
Market Rent
Market Vacancy
Market Vacancy
Units Delivered Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
Colliers International Seattle
51
2015 Seattle Apartment Market Study
employment Growth
year-over-year growth
north king
(1,057)
620
2,087
440
1,390
2010
2011
2012
2013
2014
JOBS
14,000
JOBS
JOBS
JOBS
Hottest & Coldest north king
job growth in the last 10 years
2,980
10,500
JOBS
stem job Growth
26% 52%
professional/stem
in last 4 years
-218
in last 10 years
Fire
2010-2014 Percentage of total new jobs by industry
7,000
JOBS
retail/service
1% 7%
3,500
39%
28%
0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government
12% 13%
*Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets.
52
Professional/STEM Colliers International Seattle
2015 Seattle Apartment Market Study
2014 sales & sales trends NORTH KING COUNTY SALES
2020
2010
2010
2000
2000
Year Built
2020
1990 1980 1970
north king
1990 1980 1970
1960 $‐
$50,000
$100,000
$150,000
$200,000
$250,000
1960
$300,000
$‐
$50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400.00 $450.00
Sale Price (PPU)
Sale Price (PPSF)
NORTH KING COUNTY
2000-2014 Sales Trends 2000‐2014 Sales Graph $250
$236
8.0% 7.0%
$200
$152
$150
$136 $109
$102
$112
$126
$119 $115
6.0%
$164 $164
$155 $154 $134
$100
5.0%
Cap Rate
$168
Sales Price/PSF
Year Built
2014 sales metrics
6.9%
6.7%
6.5%
6.3%
5.9%
5.8% 5.2% 4.8%
5.1%
6.4% 5.8% 5.8% 5.2% 5.2%
4.5%
4.0% 3.0% 2.0%
$50
1.0% $0
0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
Year Colliers International Seattle
53
2015 Seattle Apartment Market Study
2014 North King Sales
$180,081 AVG Price per unit
Bothell Property Name
Address
Northshore Townhomes
7000 NE 186th Place
north king
Average
$236
5.2%
avg Price per SF
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
2008
86
124,335
$22,100,000
9/22/2014
$256,977
$177.75
5.6%
2008
86
124335
$22,100,000
$256,977
$177
5.6%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Cap rate
Buyer Seller Matteson Companies Mosaic USA
North Seattle Address
Remington Place
3025 NE 137th Street
1982
61
57,420
$8,950,000
9/30/2014
$146,721
$155.87
4.9%
Michael J Henry GenCare Lifestyle
Leilani
10215 Greenwood Avenue N
2013
273
174,895
$66,000,000
9/16/2014
$241,758
$377.37
4.9%
Weidner Apt Homes Goodman Real Estate
107 on Greenwood
10770 Greenwood Avenue N
2013
56
30,744
$11,770,000
9/16/2014
$210,179
$382.84
5.0%
Weidner Apt Homes Goodman Real Estate
Woodland Pointe
14359 Linden Avenue N
1978
112
71,881
$14,000,000
6/24/2014
$125,000
$194.77
5.4%
Thrive Communites Stratford Company
Chameleon
3031 NE 137th Street
1965
68
52,742
$6,790,000
1/29/2014
$99,853
$128.74
5.6%
Sung Rhee Western Homes
1990
114
77,536
$21,502,000
$164,702
$248
5.2%
Average
54
Buyer Seller
Property Name
Colliers International Seattle
2015 Seattle Apartment Market Study
North King Development Pipeline
Deliveries 2015
2016
2017
2018
FUTURE
107
7th Place West 4th Place West
d Carter Roa
138 82
Lake Forest Park
the
ll W ay
rth
ea
st
Northeast 160th Street
Forbes Creek Drive
18th Avenue
No
Kirkland
ay Central W
Northeast 65th Street
Northeast 124th Street
156th Avenue Northeast
Northeast 112th Street
6th Street South
25th Avenue Northeast
ast
Nor thea st Driv e
145
Jua nita
Roosevelt Way Northeast
North 85th Street
132nd Avenue Northeast
st
5th Avenue Northeast
ea
rth
No
Aurora Avenue North
No
124th Avenue Northe
Greenwood Avenue North
2,026
ad
15th Avenue Northwest
0
Ro
Way
485
90 200 Bo
ds
Northwest Market Street
Texa s
20
152 153
t ortheas
98
200 104
37
300 180
36
104 166 81 159
26
enue N
32nd Avenue Northwest
105
65
24th Av
North 115th Street
24
321
56
on
105†
593
*Condo or potential condo † Affordable housing projects not included in unit counts
146
Sim
39
1st Avenue Northeast
129
Future
228th Street Southeast
80th Avenue Northeast
Northeast 187th Street
175
2018
238th Street Southeast
st
Northwest Richmond Beach Road
2017
228th Street Southwest
Locust Way
Northeast 205th Street
23rd Avenue West
Brier Road
99 ay
Northwest 195th Street
Way
Hig
hw
Cedar
108
2016
north king
100th Avenue We
Mountlake Terrace
15th Avenue Northea
Timber Lane
st
Numbers within circles on map below indicate size of development
2015
Northeast 85th Street
Re
Colliers International Seattle
55
dm
ond
Red
2015 Seattle Apartment Market Study
east KING :: MARKET OVERVIEW
$1.62
%
3.8%
2015-2018 deliveries
$
average vacancy
avg rent per sf
Market Snapshot
east king
East Bellevue Factoria Issaquah Juanita Redmond Woodinville
6,522
Colliers International Seattle
57
2015 Seattle Apartment Market Study
east king The Eastside markets of East King, much like Urban King, have experienced rental growth early in the current apartment market cycle. Fueled by stellar job growth and relatively few deliveries of new apartment units, these markets continue to have increasing rental rates (8.4% growth y-o-y) and low vacancy (currently at 3.8%). Over 6,500 units are planned for delivery in the next 4 years, which may impact the rate of rent growth in specific sub-markets.
woodinville
juanita
redmond
Bellevue East
EAST king
factoria
issaquah
A W 0
90
Historical performance Number of Sales Sales Volume Average PPU Average PPSF Average Cap Rate Number of Deliveries
2009 No Data No Data No Data No Data No Data 1,111
2010 5 $105.5M $137,537 $164 5.0% 482
2011 5 $237.2M $163,340 $198 5.1% 0
2012 17 $580.3M $190,221 $214 4.7% 577
2013 7 $339.3M $247,646 $275 4.7% 565
2014 9 $422.2M $253,812 $275 4.9% 415 Sales: Buildings 50+ units
58
Colliers International Seattle
2015 Seattle Apartment Market Study
market fundamentals
$1,485
AVG RENT per unit East King County
$1.62
3.8%
AVG RENT per SF
CURRENT VACANCY
6,522 Units Planned
3,150 Units delivered $1,600
9.00%
$1,400
8.00% 7.00%
5.00% $800 $600
1,701
$400 $200 $0
4.00%
2,641
763
1,130 711
399
1,236
1,111 60
211
0
350
Market Rent
Market Rent
577
482
59
0
565
415
944
3.00% 2.00% 1.00% 0.00%
Market Vacancy
Market Vacancy
Units Delivered Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
Colliers International Seattle
59
eAST king
6.00%
$1,000
Vacancy Rate
Monthly Rent
$1,200
2015 Seattle Apartment Market Study
employment growth
year-over-year growth
east king
(7,364)
6,160
897
4,105
4,506
2010
2011
2012
2013
2014
JOBS
60,000
JOBS
JOBS
JOBS
Hottest & Coldest
55,000
job growth in the last 10 years
11,090
50,000
**
professional/stem
45,000
-5,356
40,000
construction/ manufacturing
JOBS
stem job Growth
14% 24% in last 4 years
in last 10 years
JOBS
EAST king
35,000
2010-2014 Percentage of total new jobs by industry
30,000
1%
25,000
Professional/STEM
20,000
26%
15,000
10,000
42%
5,000
0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
12%
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government *Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets. ** Estimated 2004-2009 and 2011-2014 due to incomplete recording of NAICS code #51
60
Colliers International Seattle
19% education/ healthcare
2015 Seattle Apartment Market Study
2014 sales & sales trends EAST BELLEVUE
2020
2020
2015
2015
2010
2010
2005
2005
2000
2000
Year Built
Year Built
2014 sales metrics 2014 SALES GRAPHS
1995 1990 1985
1995 1990 1985 1980
1975
1975
1970
1970 1965 $0.00
1965 $0
$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
eAST king
1980
$400.00
Sale Price (PPSF)
Sale Price (PPU) EAST KING COUNTY
2000-2014 Sales Trends 2000‐2014 Sales Graph $300
8.0%
$275 $275
7.1% 7.0%
$250
$100
$50
$0 2000
2001
2002
2003
2004
2005
2006
2007
Year
2008
2009
5.0%
4.8%
4.9%
4.0% 3.0% 2.0% 1.0%
2010
2011
2012
2013
2014
5.0%
5.1%
2010
2011
4.4%
4.7%
4.7%
2012
2013
4.9%
n o s a l e s d ata
$136 $136
Cap Rate
$104
$122 $118
5.6%
5.6%
5.0%
$164
n o s a l e s d ata
$115
6.0%
$198
$164 $150
6.1%
$214
$199 $194
$200
PPSF
7.4%
0.0% 2000
2001
2002
2003
2004
2005
2006
2007
Year
2008
2009
2014
Colliers International Seattle
61
2015 Seattle Apartment Market Study
$253,812
2014 East King Sales
AVG Price per unit
East Bellevue Property Name
Address
Piedmont
Catalina
$275
avg Price per SF
4.9% Cap rate
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
15309 NE 13th Place
1968
396
348,961
$76,750,000
5/2/2014
$193,813
$219.94
5.8%
Essex Property Trust Carmel Partners
2210 132nd Avenue SE
1992
92
66,100
$16,383,765
2/1/2014
$178,084
$247.86
6.0%
Greg Itkin & Marina Itkin William Summers
1980
244
207531
$46,566,883
$185,949
$233
5.9%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Average
Buyer / Seller
EAST king
Factoria Property Name
Address
Sofi at Somerset
13180 SE Newport Way
1986
144
133,668
$39,277,500
12/3/2014
$272,760
$293.84
4.0%
Pacific Urban Residential Horizon Realty Investors
Newport Crossing
7311 Coal Creek Parkway SE
1990
192
157,824
$38,800,000
11/4/2014
$202,083
$245.84
4.6%
Friedkin Realty Group Security Properties
Karbon
6802 Coal Creek Parkway SE
1989
105
70,584
$19,100,000
8/15/2014
$181,905
$270.60
5.9%
Friedkin Realty Group Goodman Real Estate Inc
1988
147
120,692
$32,392,500
$218,916
$270
4.8%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
1987
124
115,690
$23,000,000
6/30/2014
$185,484
$198.81
4.9%
1987
124
1,156,690
$23,000,000
$185,484
$198
4.9%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Buyer / Seller
2013
196
217,055
$75,200,000
9/25/2014
$383,673
$346.46
4.7%
UDR M-M Properties
2013
196
217,055
$75,200,000
$383,673
$346
4.7%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
2013
134
152,556
$49,900,000
12/10/2014
$372,388
$327.09
4.0%
2013
134
$372,388
$327
4.0%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
2008
344
300,624
$83,742,000
12/30/2014
$243,436
$278.56
4.3%
2008
344
$243,436
$278
4.3%
Average
Buyer / Seller
Issaquah Property Name
Address
Gilman Square
360 NW Dogwood Street
Average
Buyer / Seller Security Properties TRECAP Partners
Juanita Property Name
Address
Waterscape Juanita Village
11801 97th Lane NE
Average
Redmond Property Name
Address
Elan Redmond
16325 Cleveland Street
Average
$49,900,000
Buyer / Seller Berkshire Group Greystar/Resmark
Woodinville Property Name
Address
Beaumont
14001 NE 183rd St
Average
62
Colliers International Seattle
$83,742,000
Buyer / Seller Guardian Life Insurance Co Boston Capital Corporation
2015 Seattle Apartment Market Study
East King Development Pipeline
Deliveries 2015
2016
2017
2018
FUTURE
Numbers within circles on map below indicate size of development
2015
2016
2017
2018
Future
1,769 2,815
1,317
621
1,166
*Condo or potential condo † Affordable housing projects not included in unit counts
237 125 125
148
80†
177
208 120
34 180
105
81
452
420
31
309
eAST king
225
310
900 108
482
90
346 346 271 230
80
371
298 176 100 344 208 51
A W 0
90
Colliers International Seattle
63
2015 Seattle Apartment Market Study
south KING :: MARKET OVERVIEW
$1.20
%
3.5%
2015-2018 deliveries
$
average vacancy
avg rent per sf
Market Snapshot
SOUTH south king
Auburn Burien Des Moines Federal Way Kent Renton Riverton/Tukwila SeaTac White Center
2,994
Colliers International Seattle
65
2015 Seattle Apartment Market Study
south king We define South King by 9 neighboring markets that experienced steady rent growth in the last year, yet have trailed the rest of the markets covered in this study. These markets were the last to recover from the 2008 Recession, yet are now poised for continued rent growth as a result of low vacancy and a moderate development pipeline. Over the last two years, these markets have experienced significant job growth, which will ultimately help sustain rent appreciation. As an investment market, South King is one of the most active in the region, posting 23 sales in 2014 of buildings larger than 50 units.
Mercer Island
Issaquah
North Bend
A W
white center
0 90
Renton
Burien Tukwila
seatac
Hobart Des Moines Kent Maple Valley
WA 50 9
WA 169
Covington
SOUTH king
Snoqualmie Preston
Federal Way Auburn
Historical performance Number of Sales Sales Volume Average PPU Average PPSF Average Cap Rate Number of Deliveries
2009 5
2010 9
2011 11
2012 15
2013 14
2014 23
$91.3M $101,014 $94 7.4% 476
$118.6M $124,413 $103 6.6% 428
$235.1M $124,449 $110 6.5% 487
$280.9M $161,080 $122 6.2% 272
$239.6M $185,077 $114 6.5% 186
$592.8M $125,085 $144 5.8% 335 Sales: Buildings 50+ units
66
Colliers International Seattle
2015 Seattle Apartment Market Study
market fundamentals
$1,029
South King County AVG RENT per unit
$1.20
3.5%
AVG RENT per SF
CURRENT VACANCY
2,994 Units Planned
2,184 Units Delivered $1,200
9.00% 8.00% 7.00%
$800
6.00% 5.00%
$600
4.00%
$400
Vacancy Rate
Monthly Rent
$1,000
3.00%
1,968
348
473
561
474
282
24
154
376
102
476
487
428
272
$0
Market Rent
Market Rent
186
335
698
328
SOUTH king
2.00%
$200
1.00% 0
0.00%
Market Vacancy
Market Vacancy
Units Delivered
Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
Colliers International Seattle
67
2015 Seattle Apartment Market Study
employment growth
year-over-year growth
south king
(8,158)
3,027
(5,635)
7,002
9,441
2010
2011
2012
2013
2014
JOBS
85,000
JOBS
JOBS
JOBS
80,000
Hottest & Coldest job growth in the last 10 years
75,000
13,351
70,000 65,000
Education/ Healthcare
-5,132
60,000 55,000
construction/ manufacturing
JOBS
stem job Growth
13%
in last 4 years
32% in last 10 years
50,000
JOBS
45,000
2010-2014 Percentage of total new jobs by industry
40,000 35,000
education/ healthcare
SOUTH king
30,000
28%
25,000
4%
20,000 15,000
10%
10,000 5,000 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government *Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets.
68
Colliers International Seattle
37%
2014
19% 2%
retail/service
2015 Seattle Apartment Market Study
2014 sales & sales trends SOUTH KING COUNTY 2014 SALES
2020 2015
2010 2005
2010 2005
2000
2000
Year Built
2020 2015
1995 1990 1985
1995 1990 1985
1980 1975
1980 1975
1970 1965
1970 1965 $‐
$50,000
$100,000
$150,000
$200,000
$250,000
$‐
$50.00
$100.00
Sale Price (PPU)
$150.00
$200.00
$250.00
Sale Price (PPSF)
SOUTH KING COUNTY
$160
9.0%
$144
8.0%
$140
$118 $115
$120
$102
$71 $70 $71
$77
$94
$103
$110
7.0%
$114
$84 $85
6.0%
Cap Rate
$100 $80
$122
$60
SOUTH king
2000‐ 2014 SALES 2000-2014 Sales Trends
PPSF
Year Built
2014 sales metrics
8.4% 8.4% 8.3% 7.4%
7.4% 6.7%
6.2%
6.6% 6.5% 5.8%
5.7%
6.2%
6.5% 5.8%
5.1%
5.0% 4.0% 3.0%
$40
2.0%
$20
1.0%
$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year Colliers International Seattle
69
2015 Seattle Apartment Market Study
$125,085
2014 South King Sales
AVG Price per unit
Auburn Property Name
Address
Landings at River's Edge
1741 22nd Street NE
Average
$144
avg Price per SF
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
1976
120
111,660
14,050,000
11/18/2014
$117,083
$125.83
5.7%
1976
120
$117,083
$125
5.7%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
$14,050,000
5.8% Cap rate
Buyer / Seller
Trimark Property Group Zanza & Company
Des Moines Property Name
Address
Marina Club
2445 S 222nd Street
1986
77
60,104
$7,650,000
11/17/2014
$99,351
$127.28
6.4%
Randolph Street Capital Mercer Capital Group
Regatta
1145 S 216th Street
1983
86
66,594
$9,500,000
9/30/2014
$110,465
$142.66
5.8%
Curtis Capital Group Mercer Capital Group
Spinnaker Landing
21620 14th Avenue S
1987
66
51,180
$7,200,000
9/30/2014
$109,091
$140.68
5.7%
Curtis Capital Group Mercer Capital Group
1985
76
$106,302
$136
6.0%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
1990
518
493,854
$59,750,000
5/30/2014
$115,347
$120.99
6.4%
1990
518
$115,347
$120
6.4%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Buyer / Seller
Average
$8,116,667
Buyer / Seller
Federal Way Property Name
Address
Pavilion
1900 SW Campus Drive
Average
$59,750,000
Buyer / Seller
Fowler Property Acquisitions Kennedy Wilson
SOUTH king
Kent Property Name
Address
Aspens at Ridgeview
21010 39th Way S
2010
168
161,610
$28,950,000
10/15/2014
$172,321
$179.13
5.5%
Prime Group HPK LLC
Rock Creek Landing
1024 N Central Avenue
1986
576
442,280
$58,000,000
7/30/2014
$100,694
$131.14
5.3%
Kennedy Wilson Holland Holdings
Forest Creek
24802 99th Place S
1989
92
74,708
$9,100,000
6/30/2014
$98,913
$121.81
5.5%
Alliance Investments & Management Inc Penni K Frederickson & Joseph Lackerdas
1995
279
$123,976
$144
5.4%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Average
$32,016,667
Renton
70
Property Name
Address
Pebble Cove
17600 134th Avenue SE
1996
288
230,360
$49,500,000
12/17/2014
$171,875
$214.88
5.0%
Jackson Square Properties LACERA
Borgata
420 S 50th Street
2002
83
93,720
$17,900,000
10/15/2014
$215,663
$190.99
4.7%
Thrive Communites Mosaic USA
Carriages at Fairwood Downs
15030 SE 179th Street
1988
400
436,583
$62,000,000
6/26/2014
$155,000
$142.01
5.9%
TruAmerica Multifamily Berkshire Property Advisors
Colliers International Seattle
Buyer / Seller
2015 Seattle Apartment Market Study
2014 South King Sales (Continued) Renton cont. Property Name
Address
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Buyer / Seller
Grammercy
17425 120th Lane SE
1980
382
352,235
$41,500,000
6/11/2014
$108,639
$117.82
5.9%
Fowler Property Acquisitions Passco RE Enterprises
Copper Ridge
4600 Davis Avenue S
1983
325
253,175
$36,525,000
4/24/2014
$112,385
$144.27
6.0%
SCS Development Archon
Montclair Heights
2223 Benson Road S
1989
174
200,548
$28,670,000
4/23/2014
$164,770
$142.96
5.1%
TruAmerica Multifamily Braddock & Logan
Sunset View
2101 SW Sunset Boulevard
1970
240
229,753
$21,920,000
3/14/2014
$91,333
$95.41
6.6%
Investors Mgmt Group Virtu Investments
Venue
1150 Union Avenue NE
1973
284
205,753
$24,125,000
2/13/2014
$84,947
$117.25
6.0%
Fowler Property Acquisitions Longwell Company
1985
272
$138,076
$145
5.7%
Year Built
Units
$/Unit
$/NRSF
Cap Rate
Average
$35,267,500
Riverton/Tukwila Property Name
Newport Heights
Address
5600 S 152nd Street
NRSF
Price
Sale Date
Buyer / Seller
1985
80
60,400
$10,485,000
12/11/2014
$131,063
$173.59
5.7%
Woodspear Properties Horizon Realty Advisors
5820 Southcenter Boulevard
1989
54
32,442
$4,819,000
5/30/2014
$89,241
$148.54
5.9%
David Li Gencor Development
Park South
10101 8th Avenue S
1987
252
208,269
$29,820,000
5/29/2014
$118,333
$143.18
6.0%
Friedkin Realty Group MG Realty Group
1987
129
$112,879
$155
5.9%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
2013
140
130,314
$28,000,000
10/15/2014
$200,000
$214.87
5.5%
2013
140
130314
$28,000,000
$200,000
$214
5.5%
Year Built
Units
NRSF
Price
$/Unit
$/NRSF
Cap Rate
Average
$15,041,333
SOUTH king
North Hill
SeaTac Property Name
Address
Belvedere at Aspen Heights
20982 39th Way S
Average
Buyer / Seller
Prime Belvedere West LLC Aspens Ridgeview LLC
White Center Property Name
Average
Address
Sale Date
Buyer / Seller
Sunset Park
11202 2nd Lane SW
1988
124
100,354
$12,920,000
9/18/2014
$104,194
$128.74
5.8%
Pacific Living Properties Carl D Barnes
Park Terrace
11020 16th Avenue SW
1968
53
39,600
$3,400,000
7/31/2014
$64,151
$85.86
7.0%
David & Mary Rogge Carolee Martin & Brice Martin
Westhaven
2201 SW Holden Street
1987
190
152,050
$27,000,000
3/27/2014
$142,105
$177.57
5.8%
TruAmerica Multifamily Holland Partners
1981
122
97,335
$14,440,000
$103,483
$130
6.2%
Colliers International Seattle
71
2015 Seattle Apartment Market Study
South King Development Pipeline
Deliveries 2015
2016
2017
2018
FUTURE
Numbers within circles on map below indicate size of development
2015
2016
2017
2018
Future
698
1,968
328
0
2,771
*Condo or potential condo † Affordable housing projects not included in unit counts
Mercer Island
61
Issaquah Preston
40 42 24 A W
144 53
0
80 Burien 225
90
23
179
24 101
226† 112†
Renton
370
Tukwila
North Bend
162 97
75
170
140
77† 77†
243
28 Hobart
SOUTH king
50 Des Moines 500
277 261
154
Kent Maple Valley
354 154 200
WA 50 9
550
Colliers International Seattle
Federal Way
216
293
149 Auburn 126 200
WA 169
Covington
72
Snoqualmie
2015 Seattle Apartment Market Study
north snohomish :: MARKET OVERVIEW
%
5.1%
2015-2018 deliveries
$1.19
average vacancy
$
North north SNOHOMISH SNOHOMISH
Market Snapshot
avg rent per sf
Central Everett Paine Field Silver Lake
983
Colliers International Seattle
73
2015 Seattle Apartment Market Study WA 92
North Snohomish
Lake Stevens
central everett
WA 529
Clinton
West Lake Stevens
US 2
Everett
9
Mukilteo
WA 9
North Snohomish is a tight collection of 3 markets. Although Snohomish County is geographically larger than these markets suggest, we have limited our study to the most active markets in this county. Rent growth in the last year tops 7.3%, yet on a five year average, North Snohomish has the second lowest amount of rent growth for the region. Vacancy rates has risen in the last year, yet that is expected with such high rent growth. New development is hitting a peak in 2015, remaining modest at 983 units. The investment sales market was relatively moderate in 2014, with only 6 sales of buildings larger than 50 units.
Snohomish
silver lake
96
Silver Firs
A W
Paine field
Admiralty Way
Mill Creek
North SNOHOMISH
Historical performance Number of Sales Sales Volume Average PPU Average PPSF Average Cap Rate Number of Deliveries
2009 No Data No Data No Data No Data No Data 0
2010 2 $27.8M $106,372 $117 6.8% 22
2011 4 $47.5M $92,708 $99 8.0% 108
2012 8 $207.8M $105,388 $109 7.4% 178
2013 6 $159.7M $119,120 $132 7.3% 0
2014 6 $191.3M $136,761 $148 5.9% 0 Sales: Buildings 50+ units
74
Colliers International Seattle
2015 Seattle Apartment Market Study
market fundamentals
$1,031
AVG RENT per unit North Snohomish County
CURRENT VACANCY
AVG RENT per SF
983 Units Planned
308 Units Delivered $1,200
12.00%
$1,000
10.00%
$800
8.00%
$600
6.00%
$400
4.00% 983
$200 424
412
449
20
62
46
344
$0
0
Market Rent Market
0
22
108
178
0
0
2.00% 0
0
0
0.00%
North SNOHOMISH
Market Rent
284
Vacancy Rate
Monthly Rent
5.1%
$1.19
Market VacancyUnits Delivered Vacancy
Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
Colliers International Seattle
75
2015 Seattle Apartment Market Study
employment growth
year-over-year growth
north snohomish
(1,349)
3,905
1,309
1,791
1,565
2010
2011
2012
2013
2014
JOBS
55,000
JOBS
JOBS
JOBS
JOBS
50,000
Hottest & Coldest
**
job growth in the last 10 years
45,000
14,166
40,000
construction/ manufacturing
-105
35,000
professional/stem
JOBS
30,000
Construction/ Manufacturing
Job Growth
9% 44% in last 4 years
in last 10 years
Construction/Manufacturing used due to aerospace industry being market driver.
2010-2014 Percentage of total new jobs by industry
25,000
20,000
3% 12%
15,000
10,000
39% North SNOHOMISH
5,000
0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
46%
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government *Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets. ** Conway Pederson data was used as a supplement in 2012-2014 to account for missing NAICS code 33
76
Colliers International Seattle
Construction/ Manufacturing
retail/service
2015 Seattle Apartment Market Study
2014 sales & sales trends
2010
2010
2005
2005
2000
2000
1995
1995
Year Built
Year Built
NORTH SNOHOMISH COUNTY 2014 SALES 2014 sales metrics
1990 1985
1990 1985
1980
1980
1975
1975
1970 $0
1970 $0.00
$20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000
$50.00
$100.00
Sale Price (PPU)
$150.00
$200.00
$250.00
Sale Price (PPSF)
NORTH SNOHOMISH COUNTY
2000‐ 2014 SALES 2000-2014 Sales Trends
$127
$135
$132
$101 $75
7.0%
$99
$79 $76 $72
n o s a l e s d ata
$67 $70
$109
$60 $40 $20 $0
6.0%
9.3%
9.0% 8.4% 7.5%
8.0% 7.1%
6.8%
6.7%
6.7% 6.5% 5.9%
5.0%
7.4% 7.3% 5.9%
North SNOHOMISH
Sales Price/PSF
8.0%
$117
$120 $100
9.0%
Cap Rate
$140
$80
10.0%
$148
n o s a l e s d ata
$160
4.0% 3.0% 2.0% 1.0% 0.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
Year Colliers International Seattle
77
2015 Seattle Apartment Market Study
2014 North Snohomish Sales
$136,761
AVG Price per unit
Paine Field Property Name
Address
Millington at Merrill Creek
Covington Farms
$148
avg Price per SF
5.9% Cap rate
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
1401 Merrill Creek Parkway
2006
344
336,504
$63,500,000
6/13/2014
$184,593
$188.71
5.3%
Security Properties Invesco Real Estate
10115 Holly Drive
1989
352
339,074
$42,800,000
3/4/2014
$121,591
$126.23
5.8%
Lowe Enterprises Heitman
1998
348
337,789
$53,150,000
$153,092
$157
5.6%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
Average
Buyer / Seller
Silver Lake Property Name
Address
Blu Water
11911 19 Avenue SE
1991
152
128,974
$25,500,000
12/10/2014
$167,763
$197.71
5.4%
Coast Equity Partners Grosvenor
North Creek
11401 3rd Avenue SE
1986
264
227,568
$29,850,000
8/5/2014
$113,068
$131.17
5.7%
Lowe Enterprises Blackstone
Brentwood Park
10012 4th Avenue W
1976
55
24,982
$2,750,000
5/28/2014
$50,000
$110.08
7.3%
Yan Ling Li Tritext Real Estate Advisors
Lakes by Mill Creek
13001 8th Avenue W
1986
223
193,591
$26,910,000
4/21/2014
$120,673
$139.00
6.1%
Thayer Manca Residential Empire USA LLC
1985
174
143,779
$21,252,500
$112,876
$144
6.1%
North SNOHOMISH
Average
78
Colliers International Seattle
Buyer / Seller
2015 Seattle Apartment Market Study
North Snohomish Development Pipeline
Deliveries 2015
2016
2017
2018
FUTURE
Numbers within circles on map below indicate size of development
2015
2016
2017
2018
Future
983
0
0
0
1,163
*Condo or potential condo † Affordable housing projects not included in unit counts
WA 92 Lake Stevens
660
West Lake Stevens
WA 220 102529 140
Clinton
34
US 2
Everett
WA 9
9
Mukilteo
Snohomish
136 100 North SNOHOMISH
280 96
Silver Firs 180
51
A W
201
Admiralty Way
42 Mill Creek
Monroe
Colliers International Seattle
79
2015 Seattle Apartment Market Study
south snohomish ::
MARKET OVERVIEW
4.1%
1,812
Colliers International Seattle
81
south SOUTH SNOHOMISH SNOHOMISH
$1.33
%
2015-2018 deliveries
$
average vacancy
Market Snapshot
avg rent per sf
Edmonds Lynnwood Mill Creek Mountlake Terrace Thrashers Corner
2015 Seattle Apartment Market Study
d
136th Place Southwest
thc
Hi ll ttle
522
York Road
51st Avenue Southeast
d Ro a nis Gr an
State
9th Avenue Southeast
224th Street Southeast
228th Street Southeast
238th Street Southeast
Bothell
Historical performance
South SNOHOMISH
Number of Sales Sales Volume Average PPU Average PPSF Average Cap Rate Number of Deliveries
2009 1 $7.4M $105,714 $112 6.2% 132
2010 2 $18.9M $88,120 $109 6.2% 0
2011 6 $206.6M $120,638 $134 5.8% 82
2012 6 $92.6M $107,102 $137 5.5% 464
2013 2 $107.9M $192,176 $177 4.7% 441
2014 7 $234.2M $161,160 $198 5.4% 800 Sales: Buildings 50+ units
82
Colliers International Seattle
Broadway Avenue
n Wa Cas cadia North Road 80th Avenue Northeast
Carter Road
7th Place West 4th Place West
e West
Brier Road
y
Ro ad ey
44th Avenue West
rV all da 5th Avenue Northeast
st
ea
th
or N Kenmore
theast
ay rW Northeast 187th Street
Lake Forest Park
188th Street Southeast
Maltby Road
19th Avenue Sou
Way
Locust Wa
Hig hw ay 99
76th A venue Wes
t
88th Avenue West
Ce
ive
Dr 228th Street Southwest
ge
llin
Ba
Aurora Avenue North
100th Avenu
rt
ay W
ad
Atlas Ro
ds
Cedar
on
m
Timber Lane
176th Street Southeast
208th Street Southeast
Alderwood Manor
y
Ed
Mountlake Terrace
168th Street Southeast
180th Street Southeast
lbe
Poplar Wa
mountlake terrace
d
oa
nR
ga
Lo
rive
164th Street Sou
North Creek
196th Street Southwest
Park D
156th Street Southeast
way
Filbert Road
212th Street Southwest
Lakeview Drive
Bothell-Everett High
Maple Road
184th Street Southwest
Wa y
169th Street Southeast
Fi
200th Street Southwest
Larch Way
44th Avenue West
Lynnwood
164th Street Southwest
Ro a
d
Puget Mill Creek
art
Route
Madison Way
d
Ca
Se a
oa
y
tR
Co
in
Puget Drive
Shoreline
a Ro
Po
lynnwood
Northwest 195th Street
er
130th Street Southeast
148th Street Southwest
Edmonds
State Highway 9 Southeast
nW ay erg Ev
Silver Firs
im
ic
ree
y wa eed Sp
cn
Wachusett Road
We have defined the South Snohomish market as 5 markets, just north of the King County line. These markets have not only experienced the highest year-over-year rent growth this past year, topping 9%, they account for the highest 5-year cumulative rent growth in the region—a stunning 26.6%, amounting to just over 7.2% rent growth for 3 straight years. Vacancy rates are all below 5%, with an average vacancy rate in 2014 of 4.1%. South Snohomish absorbed a moderate amount of development over the last 5 years, with approximately 1,800 new units planned for the next 4 years. Sales were moderate in 2014, with only 7 sales of buildings larger than 50 units.
Pi
ar ll L we Lo st Ea
eo kilt Mu
south Snohomish
M
2015 Seattle Apartment Market Study
market fundamentals
$1,189
South Snohomish County AVG RENT per unit
$1.33
4.1%
AVG RENT per SF
CURRENT VACANCY
1,812 Units Planned
1,919 Units Delivered
9.00%
$1,400
8.00%
$1,200
7.00% 6.00%
$800
5.00%
$600
4.00% 3.00%
$400 1,303
$200 $0
438
394
168
0
123
0
26
0
Market Rent
Market Rent
132
82
0
464
441
800
Vacancy Rate
Monthly Rent
$1,000
2.00%
995 410
1.00%
407 0
0.00%
Market Vacancy
Market Vacancy
Units Delivered
Rent & Vacancy Data Provided by Dupre + Scott For more comprehensive data, visit: www.duprescott.com
83
south SNOHOMISH
Colliers International Seattle
2015 Seattle Apartment Market Study
employment growth
year-over-year growth
south snohomish
(1,123)
114
3,185
2,249
1,688
2010
2011
2012
2013
2014
JOBS
25,000
JOBS
JOBS
JOBS
Hottest & Coldest job growth in the last 10 years
6,371
20,000
education/ healthcare
JOBS
stem job Growth
4%
in last 4 years
-1,426 Government
32% in last 10 years
15,000
JOBS
2010-2014 Percentage of total new jobs by industry retail/service
10,000
5,000
3%
1%
38% 55%
0
South SNOHOMISH
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Construction/Manufacturing Retail/Service Trade/Transportation/Utilities Professional/STEM FIRE Education/Healthcare Government *Due to incomplete employment data for Nov.-Dec. 2014, the existing data was annualized and trended by industry for the six different submarkets.
84
Colliers International Seattle
3% education/ healthcare
2015 Seattle Apartment Market Study
2014 sales & sales trends
2020
2015
2015
2010
2010
2005
2005
2000
2000
Year Built
2020
1995 1990 1985
1995 1990 1985
1980
1980
1975
1975
1970
1970 1965
1965 $‐
$50,000
$100,000
$150,000
$200,000
$250,000
$‐
$300,000
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
Sale Price / PPSF
Sale Price / PPU
SOUTH SNOHOMISH COUNTY 2000‐2014 SALES 2000-2014 Sales Trends $250
9.0% 8.0%
$198
$200
7.0%
$177
6.0% $140
$150
$100
$90 $94
$106 $109
$121
$134 $137
$128 $112 $109
$100
$75
Cap Rate
Sales Price/PSF
Year Built
2014
SOUTH SNOHOMISH COUNTY sales2014 SALES metrics
5.0%
8.1% 7.6%
7.2% 6.3% 6.5%
6.2% 6.2%
5.7%
5.6% 5.0% 4.9%
5.8%
5.5%
5.4% 4.7%
4.0% 3.0% 2.0%
$50
1.0% 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
Year Colliers International Seattle
85
south SNOHOMISH
$0
2015 Seattle Apartment Market Study
2014 South Snohomish Sales
$161,160
AVG Price per unit
Mill Creek Property Name
Address
Altia
16618 Larch Way
Average
$198
avg Price per SF
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
2013
230
162,294
$50,000,000
9/1/2014
$217,391
$308.08
5.0%
2013
230
$217,391
$308
5.0%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
$50,000,000
5.4% Cap rate
Buyer / Seller
Olympic Investors Goodman Real Estate
Lynnwood Property Name
Address
Serra Vista
15517 40th Avenue W
1989
138
120,370
$20,010,000
12/19/2014
$145,000
$166.24
5.5%
Paul Stephanus Archon Group
Martha Lake Apartments
16626 6th Avenue SW
1991
155
135,662
$20,300,000
11/25/2014
$130,968
$149.64
6.5%
Helix Funds Equity Residential
Pinewood Square
6500 208th Street SW
1977
180
119,720
$20,275,000
10/22/2014
$112,639
$169.35
5.2%
Barbara H Stephanus Bridge Investment Group
Newberry Square
16116 Ash Way
2005
123
113,717
$20,000,000
8/28/2014
$162,602
$175.88
5.3%
Fairfield Residential Larry J Sundquist & Kenneth Achs
Heather Ridge
20407 68th Avenue W
1969
107
90,236
$12,150,000
2/21/2014
$113,551
$134.65
5.8%
Apex Properties Group Weidner Apt Homes
1986
141
115,941
$18,547,000
$132,952
$159
5.7%
Year Built
Units
NRSF
Price
Sale Date
$/Unit
$/NRSF
Cap Rate
2012
372
325,890
$91,500,000
3/21/2014
$245,968
$280.77
4.3%
2012
372
$245,968
$280
4.3%
Average
Buyer / Seller
Thrasher’s Corner Property Name
Address
Bailey Farm
1225 183rd Street SE
SOUTH South SNOHOMISH SNOHOMISH
Average
86
Colliers International Seattle
$91,500,000
Buyer / Seller
Kennedy Wilson Wolff Company
2015 Seattle Apartment Market Study
South Snohomish Development Pipeline
Deliveries 2017
2018
FUTURE
Numbers within circles on map below indicate size of development
st
d oa Hi ll R le att Se
22 y5 wa igh te H Sta
Broadway Avenue
522
York Road
51st Avenue Southeast
ad Ro an nis Gr
Ec
ho
State
9th Avenue Southeast
Route
y n Wa cadia
Cas 80th Avenue Northeast
7th Place West 4th Place West
Brier Road
Carter Road
oa d
North Road
99 ay hw Hig
yR
44th Avenue West
d
Roa
Va lle
d
oa h Welc
Ce da r
eR
idg
Br
Maltby
La
ke
R
224th Street Southeast
228th Street Southeast
238th Street Southea
st
oa
d
Paradise Lake Road
east
ea
5th Avenue Northeast
gh
Hi
Fales Road
345
188th Street Southeast
Maltby Road
uth 19th Avenue So
Locust Way
West
d
76th A venue
oa
e
th
or
N Kenmore
yR
iv Dr
Way
ay rW
ge
llin
Ba
Aurora Avenue North
Lake Forest Park
ell
rt
d
ay W
Atlas Roa
228th Street Southwest
168th Street Southeast 176th Street Southeast
208th Street Southeast
Alderwood Manor
Northeast 187th Street
156th Street Southeast
180th Street Southeast
lbe
d
oa
nR
ga
Lo
rive
164th Street Southeast
Fi
46
Park D
169th Street Southeast
North Creek
196th Street Southwest
Wa y
nn
Filbert Road
art
Old Snohomish Monroe Road
Co
State Highway 9 Southeast
nW ay ee rgr Ev e
ad
Ro
114
184th Street Southwest
276
Puget
hway
88th Avenue West
er
Mill Creek
Bothell-Everett Hig
120
Maple Road
344
Cedar
ds
on
Lakeview Drive
Larch Way
124
Poplar Way
m
109
383 63
367
Mountlake Terrace
243
thc
164th Street Southwest
Lynnwood
63
Ca
Madison Way
d
44th Avenue West
Ed
Wachusett Road
100th Aven ue West
1,307
im
oa
89
Timber Lane
0
ar
y
tR
212th Street Southwest
Bothell
Colliers International Seattle
87
south SNOHOMISH
Shoreline
407
ll L
wa
136th Place Southwest
in
200th Street Southwest
Northwest 195th Street
410
we
eed
Po
Puget Drive
300
995
*Condo or potential condo
Silver Firs
90
Edmonds
Future
130th Street Southeast
148th Street Southwest
43
2018
Lo
Sp
ic
2017
st
lteo
cn
2016
Ea
ki Mu
Pi
2015
Springhetti Road
2016
Yew W ay
2015
2015 Seattle Apartment Market Study
Data Sources Rent & Vacancy Rates Sales Data
Dupre + Scott Real Capital Analytics CoStar Dupre + Scott Pierce Eislen
Development Data
City of Seattle Department of Planning MPF Research Real Capital Analytics Dupre + Scott Axiometrics CoStar * Possible condo/apartment developments included in unit count numbers. ** Affordable/Public housing included on development maps; however, not included in unit counts.
Employment Data
Puget Sound Regional Council Washington State Employment Security Department The Puget Sound Economic Forecaster
EMPLOYMENT DATA CALCULATIONS: In an effort to understand market behavior through job growth this study provides graphs setting forth job growth in our six subject submarkets, highlighting seven industry sectors (as set forth below). The figures represent number of jobs, not working persons and are representative of relative employment trends in each submarket and illustrate relative trends by industry. NAICS codes used:
Construction & Manufacturing: 23, 31-33
Professional/STEM: 51, 54, 55
Government: Government
Education/Healthcare: 61, 62, Education
Trade Transportation & Utilities: 22, 42, 48, 49
FIRE: 52, 53
Unused NAICS codes: 11, 21, 56
Retail & Service: 44, 45, 71, 72, 81 This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2015. All rights reserved.
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Colliers International Seattle
Seattle Multifamily Group Our team of brokers is focused on providing absolute best-in-class brokerage services to apartment developers, investors and owners in Seattle and the Puget Sound region.
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INSIGHTS
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We think and act in terms of absolute market expertise, exposing arbitrage opportunities and achieving best-in-class sales results. We inspire trust and confidence in our guidance to the market by leveraging data and information to develop Profitable Insights™ on the market. Our clients excel by having an unfair advantage over the marketplace.
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Although we have brokered apartment transactions for almost 40 continuous years in the Seattle market, our approach to the brokerage business is modern and dynamic. We perform all of the traditional tasks associated with apartment brokerage—yet our clients gain the advantage of modern advisory practices and services.
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Services Offered: > Sale of stabilized apartment buildings—5 units to 500 units > Off-market pursuits of pre-sale and stabilized apartment buildings > Sale of development land—apartments & mixed-use > Strategic disposition of apartment portfolios We look forward to helping you gain an advantage over the market.
Dylan Simon Multifamily Investment Sales
Dave Schumacher Senior Vice President
Jerrid Anderson Associate
Dylan Simon Multifamily Investment Sales direct 206 624 7413 mobile 206 414 8575
[email protected] Dave Schumacher Senior Vice President direct 206 382 8555 mobile 425 985 8528
[email protected] Jerrid Anderson Associate direct 206 382 8554 mobile 206 499 8191
[email protected]
www.dylansimon.com Colliers International | 601 Union Street, Suite 5300 | Seattle, Washington 98101
