Boom Times Beyond Downtown
When it comes to multifamily acquisition opportunities, greater Seattle’s got a lot more going for it than downtown, Lowe Enterprises SVP Andy Sands tells us. “Of course, we like the strength of downtown—we have a 24-story condo project under way at 1321 Seneca on First Hill—but Seattle-area recovery extends well beyond that,” he says. “When we look beyond the major markets, there are excellent opportunities to be discovered just outside the CBD.”
Lowe Enterprises Investors recently acquired Covington Farms, a 352-unit apartment located in the Paine Field area of Everett. As an attractive submarket, Andy says, Everett has the benefit of solid employers like Boeing, the Paine Field Airport, and the US Navy. Downtown, in other words, isn’t alone as a jobs magnet in Seattle, and those other job-rich areas are going to need apartments, too. “As the economy continues to recover, investor interest in submarkets like Everett will increase,” he predicts.
