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June 3, 2004

Cascade Partners

The value of small apartment buildings in the Seattle area increased 25 percent in the last two and a half years, according to a review of data by Cascade Partners. Cascade said nearly 80 percent of all multi-family listings sold so far this year were 2 to 4-unit properties. "Investors purchasing apartment properties with five or more units are required to use commercial financing or cash," says Michael Rooney, Cascade Partners president. "With banks demanding 30 to 40 percent down on larger apartment building investments, these properties have become out of the reach for the smaller, private investor." Rooney says that in 2001, the average selling price of a duplex in North Seattle was under $300,000. In the first quarter of this year, the average selling price of the same property was $380,000. Rooney expects the price to increase to nearly $400,000 by the end of 2004. Cascade Partners' specialty is helping investors buy 2 to 10-unit apartments.




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