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Kidder Mathews Releases Latest Research on Eastern Washington Apartment Market

Posted In — News & Press | Press Releases

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 Q3 2023 Eastern Washington Apartment Market Dynamics report analyzes trends and the latest sales data from 20 Eastern Washington counties including Spokane, Benton, Franklin, Chelan, Yakima, and more. The study offers insights on each submarket to help guide investment decisions.

Since Q3 of 2022, total sales have remained stable on a quarterly basis; however, there has been a persistent decrease in sales volume. Among the 36 sales in Q1 and Q2, the majority of transactions that successfully closed were priced below $4 million (24 sales), with only one exceeding $20 million.

Cap rates experienced a significant increase, finally reaching the desired “6%+ range” as requested by buyers. However, it’s worth noting that despite this improvement, we observed a few sales of heavy value-add properties or properties with very low in-place rents at cap rates below 5.5%.

“Buyer and seller pricing expectations are gradually aligning, but the situation hasn’t fully resolved yet. Despite this, the demand from buyers to invest in Spokane remains steady, as evidenced by 11 out of 18 sales in Q2 occurring in Spokane County,” said Frame, Kidder Mathews’ Eastern Washington multifamily specialist.

Download a digital copy of the full Q3 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 nine 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 $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.

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