Apartment Fundamentals (Almost) Rock Solid
Seattle's multifamily market is firing all cylinders, with more than 9,600 apartments completed since January 2013 in Downtown alone. But is the market as solid as most people believe? That's why we're excited to be holding our Seattle Multifamily Summit on Oct. 29, starting at 7:30am.
Yes, says Mack Urban senior managing director TJ Lehman (left, snapped at a previous Bisnow event with Cairnscross & Hempelmann finance partner Matt Hanna). TJ, who'll be speaking at our event, says that even though the market will hit some pockets of turbulence as submarkets absorb short periods of oversupply, “we think that over the long-term, Seattle’s competitive advantages are growing, not diminishing." The biggest concern: construction costs are rising faster than rents.
Mack Urban’s been quite active lately in developing apartments in Seattle. The company’s Harbor Urban, along with UP Pacifica Investors and AREA Property Partners, recently finished Velo in Fremont (pictured), which includes 165 apartments and four live-work units on the ground floor designed to cater to creative entrepreneurs. The company is also currently at work on Ray, a 137-unit multifamily property in Fremont, which is within walking distance of the Silicon Canal. Hear more from TJ and other top housing experts at our Seattle Multifamily Summit on Oct. 29 at the Four Seasons Seattle. Great networking starts at 7:30am. Sign up here!