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Report: Eastern Washington Sees Record-Setting Multifamily Sales
Max Frame of Kidder Mathews’ Simon and Anderson Multifamily Team has released third quarter research on the Eastern Washington apartment market, and the report indicates the region experienced record-setting sales volume.
According to the report, which tracks trends and sales data for Chelan, Douglas, Kittitas, Yakima, Grant, Lincoln, Adams, Franklin, Benton, Walla Walla, Spokane and Whitman Counties, there was over $412 million in total sales. Five sizable sales led the way: Granite Point in Spokane Valley ($145M), Big Trout Lodge in Liberty Lake ($79M), Crosspointe in Kennewick ($44M) and Shoreline Village ($49M) and Riverpointe ($54M) in Richland.
“While cap rates dipped in Q3, we expect an increase in upcoming months due to the rising interest rates,” said Frame in a news release. “While transactions are still getting done, lending has become a much larger factor. For motivated sellers, we have seen an increase in seller-financed transactions.”
- ◦Economy
