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Kidder Mathews Releases Latest Research on Eastern Washington Apartment Market

Posted In — Market Research | Trend Article

The Q2 2024 Eastern Washington Apartment Market Dynamics report analyzes trends and the latest sales data from 20 Eastern Washington counties including Spokane, Benton, Franklin, Chelan, and Yakima. The study offers insights on each submarket to help guide investment decisions.

The report was researched and compiled by Vice President Max Frame, a member of a multifamily team at Kidder Mathews led by Dylan Simon and Jerrid Anderson.

“Although we are still in a volatile market, we continue to see a lot of interest from buyers in expanding their presence in Eastern Washington, as witnessed in 16 2024 Q1 sales, which is right in line with what we have seen since Q4 of 2022,” said Frame, Kidder Mathews’ Eastern Washington multifamily specialist.

In Q1 2024, there were signs of a notable correction in cap rates, with an average in-place cap rate of 6.2%, marking a significant increase of 90 basis points compared to the previous year. Despite ongoing interest from investors, overall sales volume decreased substantially, and overall volume reached just $25 million, a 62% decrease from the previous quarter. Hopes for interest rate cuts were dampened, with expectations now pushed to 2025.

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 10 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 19 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $10 billion in transactions, manages 53 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually (3-year average). For more information, visit kidder.com.

Read the full study at the link below.

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Contact

Simon | Anderson Multifamily Investments Team

Max Frame, Vice President, Eastern Washington Specialist
Dylan Simon, Executive Vice President
Jerrid Anderson, Executive Vice President
Matt Laird, First Vice President
Winslow Lee, Vice President
JD Fuller, Associate

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