Workforce Housing a Promising Niche in Seattle
Seattle's becoming notorious for its high apartment rents (and Jimmy McMillan would sing about it if he lived here instead of NYC), which means there's opportunity for owners of solid Class-B and better affordable rental units to achieve stellar occupancies and strong returns. That's because the demand is there. Working Americans want high-quality multifamily housing near major employment centers (such as in the Pacific Northwest), but without the severe rent burden that accompanies most of today’s rental housing, TruAmerica senior managing director Noah Hochman tells us.
Recently TruAmerica partnered with DVO Real Estate and RCG Longview to acquire the Haven at Charbonneau, a 126-unit property in Wilsonville, OR, 30 miles south of Portland, and Somerset, a 329-unit property in Kent, both from FPA Multifamily. Separately, LA-based TruAmerica partnered with Intercontinental Real Estate Corp to acquire the 386-unit Firdale Village in Edmonds (pictured) from Eaton Vance, spending $125M for the three properties, with plans to spend more to do renovations. “Our goal is to establish an attractive niche by offering an affordable alternative for renters priced out of the CBDs," says Noah.