TruAmerica Bets Seattle Multifamily Not Near Peak
Peak real estate? Not in Seattle multifamily, TruAmerica senior managing director, acquisitions Noah Hochman tells us. "It's our strong belief that Seattle apartments haven't reached their peak value. Recent data shows 9,400 people a month are moving to the region, which will add 132,000 jobs in the next four years. This will continue to provide a resilient demand for multifamily and sustain additional positive rent growth."
Recently TruAmerica snapped up five apartment complexes in the Pacific Northwest in an off-market deal, three of which are in greater Seattle, for more than $104M. In the past six months, TruAmerica and its institutional partners have invested about $600M in more than 3,800 units in suburban Seattle and Portland. "The combination of continued NOI growth and investor demand for multifamily will continue to push values higher in the coming year," Noah says.
