In multifamily, where tenants go, investors follow. As we reported recently, tenants (especially Millennials) are headed for less-pricey properties outside the urban core—and so are investors.

Security Properties investment manager Davis Vaughn tells us his company made its recent acquisition in the master planned DuPont, south of Tacoma, because of high incomes and major employment drivers locally, yet property pricing that isn't nearly as competitive as other second-ring submarkets. Security acquired the 188-unit Clock Tower Village for $30M.

The property has suburban features besides the setting, such as large units with garages that cater to families, Davis adds. Yet it also features walkability, since it's near restaurants and retail. Investors like that this part of metro Seattle's biggest employer is the nearby Joint Base Lewis McChord, and additional local employment drivers in DuPont include the new $100M Amazon Fulfillment Center and a State Farm operations campus.

Rents are growing in Tacoma-Lakewood, up 9% since last year (to $1,171), but they still aren't as high as Seattle-Bellevue-Everett ($1,537/month), according to data from Axiometrics, a fact not lost on renters. As for investors, Colliers International research whiz Dylan Simon tells us investor activity in Pierce County is absolutely a growing trend. (Dylan's snapped with broadcaster Aaron Levine.) "Investors see overall economic stability in the region and are looking for markets that still have growth potential and pricing isn't above replacement cost."