The Q3 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 Q3 2024 Eastern Washington Apartment Market 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. Download a digital copy of the full report here.
“Eastern Washington continues to offer promising value-add opportunities for investors seeking properties with strong growth potential,” said Frame. “We’re seeing a steady demand across submarkets, particularly in Spokane, which remains a focal point for many investors.”
Key insights:
- Sale volume: While cap rates remained constant from one quarter to the next, we observed a significant rise in overall sales and a dramatic increase in sales volume, reaching $113 million in Q2 compared to only $25 million in Q1. This surge is primarily attributed to Q1’s largest sale being just $3.6 million, whereas Q2’s largest sale was $26 million.
- Value-add vs. turnkey: Value-add properties continue to dominate the sales market, with only four sales this year involving properties built after 2010.
- Spokane: Spokane continues to be the most active market in Eastern Washington, accounting for 12 sales in Q2 (55% of the total), followed by Yakima County with three sales (14% of the total).
Simon and Anderson’s team remains highly active in the Eastern Washington market, successfully closing seven sales in the first half of the year and 13 sales over the past 12 months, equating to approximately 20% of the total market share for the year.
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 fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages more than 55 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
Read the full study at the link below.
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