Multifamily Demand Unstoppable into '15
Demand has been strong this year for high-quality multifamily properties throughout the Puget Sound region--not just Downtown Seattle, which tends to get all the attention. Grosvenor Americas chief investment officer Michael Beattie tells us that demand is still brisk, especially for strong-cash flowing assets that have been extensively renovated.
Recently Grosvenor America sold one of its Puget Sound assets, BluWater, to Coast Equity Partners for $25.5M. The 152-unit property in Everett, originally built in 1991, was upgraded by Grosvenor after it acquired it in 2007, including both exterior and interior work, and the addition of amenities. Michael says the sale will provide capital for further opportunistic investment in the region, as the company looks for other value-adds.