Urban core multifamily in Seattle gets most of the attention, but suburban workforce housing is a rising star. That's because demand is going to keep outpacing supply.
Recently Avanath Capital Management acquired Silver Springs, a 251-unit affordable apartment property in Kent, for more than $32M. “Located in the third-largest industrial area in the country, Silver Springs is well-positioned to cater to the demand for workforce housing, Avanath president and CIO John Williams tells us.
"Recent job creation, combined with rapidly rising rents, presents a golden opportunity for us to provide affordable housing to a working-class demographic."
The market’s growing tech sector, mass transit infrastructure and manufacturing industry are driving employment in this region, John points out, which translates to enormous demand for affordable housing (Silver Springs is 98% occupied.)
"Given the strong correlation between job creation and rent increases, the acquisition demonstrates our commitment to markets where affordable housing is most needed.” Since 2008, Avanath has acquired more than 35 affordable and workforce housing assets nationwide. This transaction included the purchase of an affordable housing property in California's East Bay as well.
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