Developer buys into Seattle market with million-dollar purchase
AREA Property Partners and Urban Partners LLC has bought into the Seattle market with the latest multifamily purchase, reports the Wall Street Journal. This is just the latest in a national trend of multi-property market purchases by outside investors.
The New York real-estate private-equity firm and Los Angeles developer have made their first push into the Emerald City. The purchase has the firms taking over a well-known local builder of apartment properties in a prime location. The deal for the Harbor Properties of Seattle was valued at $75 million, excluding debt, according to the news source. The package included four existing apartment properties, three of which are under constructions, with more than 800 units inside.
Investors may wish to consider searching on the MLS listings in Seattle, WA, for multifamily properties, whether they are large corporations or individuals trying to enter the market. Buying large units in the current market is an investment in the future recovery of the housing industry. When prices are low and the choices are plentiful, a consumer has a greater chance of purchasing a property that will grow in value in the future.