Jansen Multifamily Team Blog - Insight and commentary on the Seattle/Puget Sound apartment market

Monday Multifamily Links

Josh Jansen — Tue, 24 Jan 2012 03:16:37 +0000

The sale of The Mill at Mill Creek, 516 units, was finalized last week. Greystar was able to obtain a $46.3 million dollar loan to finance the transaction.

GlobeSt.com: Greystar Closes on 516-Unit Seattle Multifamily Buy

Greenwood Avenue North received approval Tuesday for a 263-unit complex.

Seattle Times: Planners approve Greenwood apartment complex

Ten year Treasury yields have climbed back to 2.04.

Bloomberg: Ten Year Treasury Yields

Monday Multifamily Links

Josh Jansen — Mon, 16 Jan 2012 21:23:59 +0000

According to Federal Reserve Chairman, Ben Bernanke, Fannie and Freddie may have to bear more losses to “stoke” broader recovery due to the continued weakness in the housing market.

Seattle Times: Bernanke: Fannie, Freddie May Have to Suck Up More Losses

Kenneth Riggs Market Forecast for 2012 shows Multifamily sector in for a robust 2012. Stated reasons are the strong fundamentals for the market, decreasing home ownership rates, lack of new supply, and the availability of financing for projects.

CCIM: 2012 Expectations and Realities

Ten-Year Treasury Yields at 1.86 for the beginning of 2012.

Bloomberg: Treasury Yields

Monday Multifamily Links

Josh Jansen — Tue, 10 Jan 2012 01:02:52 +0000

Puget Sound super employer, Boeing, is closing down a plant in Wichita, Kansas which will result in more jobs for the northwest plant due to the recently approved deal with the Machinists union. ”Business costs in Wichita are not competitive in the military maintenance, repair, and overhaul market,” says Mark Bass, VP and GM of Boeing’s Defense division.

Seattle PI: Boeing Closing Wichita Plant

Ten year Treasury Yields

Bloomberg: Ten Year Treasury Yields

Equity Residential has decided to continue the development of South Lake Union. The country’s largest apartment owner has purchased a half block site where they plan to build a 275-unit apartment complex.

Seattle Times: Equity Residential Buys Lake Union Parcel

Tuesday Multifamily Links

Josh Jansen — Tue, 27 Dec 2011 18:32:51 +0000

Pricewaterhouse Cooper’s 4th Quarter Investor Survey says that low vacancies are going to drive the apartment sector into major development mode in 2012. Low interest rates are also given credit as sidelined developers can now acquire financing.

CCIM: Apartment Development Boom Expected in 2012

The University of Washington and Seattle Children’s Hospital plan to build affordable housing for their employees. Together the two major employers are planning a 184-unit complex financed partially by Children’s on land provided by the UW. Security Properties will be the developer, owner and operator of the property.

Seattle Times: UW, Seattle Children’s Hospital Plan to Build Employee Housing

Treasury Yields climbed back above 2.00 after spending the majority of last week at 1.87.

Bloomberg: Treasury Yields

Some experts believe that the main Seattle core may become overbuilt in the next two years. Apartment vacancies experienced a downward trend for the past couple of years but jumped 51 basis points this fall.

Seattle Times: Building Boom for Seattle Apartments May Be Overdone

Monday Multifamily Links

Josh Jansen — Tue, 20 Dec 2011 05:01:43 +0000

An optimistic Market Forecast to recovery by David Rifkind is offered in this article by looking back at historical cycles in the market.

CCIM: Signposts to Recovery

Northgate Mall’s Thornton Place has secured financing valued at $75.5M for the mixed use project. Thornton Place boasts 279 rental units in the mid-rise buildings above 115,000 sq ft of retail. The stabilized occupancy was the major attraction for lenders, said Michal Makar of CBRE Capital Markets Debt and Equity Finance.

Globest: Seattle Mixed-Use Gets $75M in Financing

Ten-year Treasury Yields continue their recent decline ending at 1.83 today.

Bloomberg: Treasury Yields