Not everyone can pay downtown Seattle or Bellevue rents, so demand for apartments is growing in alternative markets, TruAmerica director of acquisitions Noah Hochman tells us. That’s one of the reasons the LA-based investor recently acquired Montclair Heights, a 174-unit multifamily complex in Renton, its third acquisition in greater Seattle. He calls Renton a "close-proximity alternative.”
In the past 10 years, Renton has continued to mature, with the sustained strength of the Boeing 737 plant and the expansion of shopping and entertainment in the area, Noah says. (In teenagers, maturity also brings more shopping and entertainment.) The current climate also leaves room for rental growth at the property. Montclair Heights is a very attractive value-add asset, he says, while Renton's enjoying some of the strongest fundamentals in Seattle, with an average apartment vacancy of only 3.1%.
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