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Real Estate
 Marc Stiles Real Estate Editor |
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February 25, 2010
Real Estate Buzz -- Apartment sales: After you. No, after you
By MARC STILES
Real Estate Editor
Real Estate Editor
The flood of new multi-family properties that investors have been expecting hasn't come onto the market yet, but a crack in the dike did appear on Monday. That's when Apartment Realty Advisors' Seattle office began marketing the 203-unit Apex Apartments in Tacoma.
ARA's Jim Claeys said the sale is “the first true opportunity to recapitalize” a big new Class A development in the Puget Sound region since the start of the Great Recession. In the hardest hit markets — like Vegas, Phoenix and Miami — the torrent already has begun. Properties have been going for 50 cents on the dollar, or less, giving investors an idea of how deep the trough is.
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Previous columns:
- Real Estate Buzz: Equity Residential: ‘Good time to buy', 02-18-2010
- Real Estate Buzz: Lenders — and tenants — like 'apodments', 02-11-2010
- Real Estate Buzz: Law firm buys Bellevue office complex, 12-31-2009
- Real Estate Buzz: Less development, more buying for Legacy, 12-17-2009
- Real Estate Buzz: Wasatch says condo sales picking up, 12-03-2009
- Real Estate Buzz: Hotel occupancy, rates continue to fall, 11-19-2009
- Real Estate Buzz -- Poll: Real estate has further to fall, 11-05-2009
- Real Estate Buzz: Apartment rents fell 2% in 3rd quarter, 10-22-2009