We congratulate our friends Tim, Sam and Dan at Collier’s for recently closing the second largest deal of the year…and it happened right here in Issaquah, the hometown where Juniper Capital is located! All of us at Juniper tip our hat to this $125 million, off-market deal. As King County’s second-largest multifamily sale of 2019, the sale illustrates how the Eastside has endured as a highly desirable residential location and is resurging to become one of the Pacific Northwest’s most appealing investment markets.
The Puget Sound Business Journal’s real estate reporter Marc Stiles noted the sale, citing in a recent headline “Issaquah is the region’s hottest apartment market.”
It helps of course that top technology campuses (Microsoft, SpaceX, eBay, SAP and Nvidia) run along the Bellevue-Redmond-Issaquah stretch, and Google, just entering in Kirkland will fall alongside the already-anchored Tableau Software.
It’s not just about what happened; what’s on the horizon for Eastside submarkets is also compelling. Earlier this year, Crosscut writer Tom Alberg contended in his story the Eastside is about to challenge Seattle’s growth, due in part to Microsoft’s $3 billion headquarters renovation, 4,500 new jobs from Amazon coming into the Bellevue core next year, and a friendly city government that embraces new technologies. Meanwhile in Kirkland, along the I-405 corridor, 1,000 Google employees will bring more local tenancy and home ownership as its Kirkland Urban-based campus takes root. Conversely, Alberg called out the challenges the City of Seattle has had with homelessness, crime, increasing traffic and underperforming public schools, among others.
There’s still plenty of room to develop and grow on the Eastside. Demand is only increasing, considering the jobs to be filled ahead. The limited supply of housing puts suburban multifamily assets such as the just-sold Issaquah Terrace in an enviable position for rent growth and occupancy. Again, we congratulate Tim, Sam and Dan at Collier’s on a remarkable sale and the attention it brings to a vital real estate investment market in the Pacific Northwest.
Interested in Eastside apartment investments or area land development? Talk to Juniper Capital about financing. Based in Issaquah, Wash., Juniper Capital leads the Northwest in alternative financing and private money lending, providing private capital to fund commercial real estate projects in Washington, Montana, Oregon and Idaho. Call us today to learn about our community involvement, loan programs on multifamily housing, market trends, and the real estate loan process.