Next Stop For Millennials: Tacoma. Here's Why.
Investors love Downtown Seattle apartments, but they're also looking for other places in the metro area to put their money—such as Tacoma.
"We anticipate additional investment in the coming years due to the fact that more people are migrating to Tacoma, and similar markets, from more expensive rental markets like Seattle," JLL managing director Corey Marx tells us. Moreover, the restaurant scene and other lifestyle amenities in Tacoma are filling in, thus creating a great urban lifestyle for a fraction of the price, he says.
Recently, Corey and colleagues David Young and Seth Heikkila repped CenterSquare, a part of BNY Mellon Investment Management, as the seller of the 163-unit Vue25 Apartments at 2368 Yakima Ave in Downtown Tacoma. The buyer was San Diego-based ColRich Multifamily. “There was significant interest, because more regional and national apartment investors are reacting to the strong fundamentals of markets outside Seattle’s core," David says.