Max Frame of Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson has released new research on the Eastern Washington apartment market.
The Q1 2023 Eastern Washington Apartment Market Dynamics report analyzes trends and the latest sales data for Chelan, Douglas, Kittitas, Yakima, Grant, Lincoln, Adams, Franklin, Benton, Walla Walla, Spokane, and Whitman Counties. It offers insights on each submarket to help guide investment decisions.
While Eastern Washington’s 2022 was a record-setting year for sales volume ($624 million), the region experienced a notable slowdown in Q4 with just 16 transactions — compared to Q1 with 20 sales, Q2 with 24 sales, and Q3 with 28 sales.
Spokane led the charge in number of sales with 48, accounting for 55% of market share, followed by the Tri-Cities (15; 17% of market share), Yakima (12; 14% of market share), Wenatchee/East Wenatchee (5; 6% of market share), Moses Lake (4; 5% of market share), and other areas totaling 4 sales (5% of market share).
“In 2022, the majority of buyers valued properties on a price-per-unit and price-per-square-foot method, which was easily determined through sale comparables,” said Frame, Kidder Mathews’ Eastern Washington multifamily specialist. “Now, with 3% interest rates in the rear-view mirror, most, if not all, buyers are valuing properties using a cap rate method to determine value. So, motivated sellers need in-place cap rates to be at or above the market’s interest rate.”
Download a digital copy of the full Q1 2023 Eastern Washington Apartment Market Dynamics report here.
About Max Frame
Working out of Kidder Mathews’ headquarters in Seattle, Washington, Max specializes in representing sellers and buyers in the sale of Eastern Washington apartments. Born and raised in Eastern Washington, Max combines his local knowledge and expertise of these markets with Kidder Mathews’ national exposure and outreach. Max works with Executive Vice Presidents Dylan Simon and Jerrid Anderson of the Simon and Anderson team.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 11 brokerage professionals specializes in the sale and purchasing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $11.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.