Housing shortage has spread across Pacific Northwest, new study shows (Seattle Times)
There simply aren’t enough homes in the Seattle area. It’s a long-standing problem here, as it is in other major coastal cities.
But now, a
new report finds that this problem has spread to parts of the country where, until recently, housing was more abundant and affordable, even in America’s interior. And in the Northwest, it’s not just an issue in the Seattle and Portland areas.
The report includes 16 metro areas in Washington, Oregon and Idaho, and found that all 16 had a housing shortage in 2019.
Article link: https://www.seattletimes.com/seattle-news/data/housing-shortage-has-spread-across-pacific-northwest-new-study-shows/
The City of Seattle Announces $22MM in New Affordable Housing Investments (The Registry)
Latest funding announcement brings Mayor Harrell’s total affordable housing investments to $48 million, supporting 450 homes, since beginning of 2022
Seattle – The City of Seattle is announcing $22 million in new investments made by the Office of Housing to support the production of 267 new rent- and income-restricted homes in the Northgate and South Park Neighborhoods. These investments were made to Sea Mar and GMD Development and are expected to leverage additional commitments of other local funding sources, as well as leveraging sources such as tax credits, bonds, and state and federal grants.
Article link: https://news.theregistryps.com/the-city-of-seattle-announces-22mm-in-new-affordable-housing-investments/
Has Seattle lost its appeal? We asked three developers. (PSBJ)
While some real estate investors see opportunity in Seattle, others say its anti-business politics and increasing safety concerns are no longer worth the effort.
The Business Journal spoke with three real estate executives who recently bought or sold properties or launched a new development in the Seattle area to find out what played into their decisions.
The optimists among them say the strong economy — anchored by the region’s robust tech job market — will continue to draw more people to the area. Others say the region’s economic strength doesn’t make up for what they see as a pervading anti-landlord and anti-development sentiment.
Seattle's population gained more than 20,000 residents between April 2021 and April 2022, according to an estimate from the state Office of Financial Management. The growth is an indicator that — love it or hate it — Seattle is still a big draw.
Article link: https://www.bizjournals.com/seattle/news/2022/08/04/what-do-developers-really-think-about-seattle.html
Meriwether Partners Places 62,000 SQFT Russell Hall in Seattle’s U District up for Sale (The Registry)
Meriwether Partners, with company offices in both Seattle and Portland, has made the decision to place on the market for sale the Russell Hall mixed-use property located in Seattle’s U District. No pricing guidance on the sale of the property was available at this time.
The real estate investment firm has owned the property since the fall of 2016 when it acquired the building for $30.7 million, or around $491 per square foot, according to sources that were tracking the sale of the property at that time. When the asset was purchased, the sale produced a six percent cap rate based on the property’s net operating income at the time.
The seller has selected the Seattle office of CBRE to be the listing agent on the sale and to lead the marketing efforts. Among those that will be working on the transaction are Tom Pehl, executive vice president, and Chais Lowell, vice president.
Article link: https://news.theregistryps.com/meriwether-partners-places-62000-sqft-russell-hall-in-seattles-u-district-up-for-sale/
Amazon aids senior housing deal in Rainier Valley (DJC)
Down in the Rainier Valley, the 25-unit Arches traded for just under $6.4 million in June, as the DJC then reported. The buyer of record at
6601 Rainier Ave. S. was the Southeast Seattle Senior Foundation (dba Brighton Development Group), which borrowed the full amount via a short-term loan from 1st Security Bank. Brighton will become the official owner via a new LLC, it says, after some minor paperwork is soon inked.
Article link: https://www.djc.com/news/re/12150419.html
Holland closes on Elephant Car Wash property for its next tower project (PSBJ)
Holland Partner Group on Friday closed the sale of the landmark former Elephant Car Wash property along Denny Way, paying $40 million, according to the sales affidavit recorded with King County.
The price breaks down to $87,900 per home based on the 455 units planned in the 44-story apartment tower. It's the latest Holland development with NASH (North America Sekisui House) Communities, one of 10 U.S. companies of Sekisui Chemical in Japan.
Article link: https://www.bizjournals.com/seattle/news/2022/08/07/price-holland-paid-elephant-car-wash-property.html
Senior community opens in Hawthorne Hills (DJC)
Developer Josh Blake announced that Empress Senior Living has opened at 4020 N.E. 55th St. in Seattle. That's in Hawthorne Hills, across the street from Metropolitan Market. June 1 marked the official opening.
Article link: https://www.djc.com/news/re/12150455.html
Aegis files plan for 100 W. Seattle units (DJC)
SEATTLE — Aegis Living and its preferred architect, Ankrom Moisan, have filed a new senior housing plan at
5252 California Ave. S.W. That's part of an assemblage to include three vacant old buildings, including a Papa John's.
Article link: https://www.djc.com/news/re/12150459.html
Bay Area apartment investor snaps up another property in Seattle (PSBJ)
Palo Alto, California-headquartered Pacific Urban Investors has sunk another $69 million in Seattle's multifamily market, this time buying a half-block Seattle property in the Belltown neighborhood, according to public records.
Article link: https://www.bizjournals.com/seattle/news/2022/08/09/pacfic-urban-buys-seattle-apartment-building.html
