Jobs = Apartments
Oak Coast Properties CEO Matthew Heslin cites the Renton and Tukwila submarkets’ low unemployment rate—4.4%—as a prime motivator for his recent acquisition of Sunset View Apartment Homes in Renton for $22M. The California-based company is planning a variety of upgrades to take advantage of property’s proximity to employers with heft, such as SeaTac Airport and Boeing.
Historic low market vacancy, along with strong employment forecasts, point to rental demand growing well beyond existing supply, Matthew explains. Immediate renovations are likely to include kitchen upgrades, lighting improvements, finish details on cabinetry, balcony improvements, and washers and dryers in units currently without. (If you already have one, then you'll get a free hug from the Snuggle detergent bear.)
