Seattle-area apartment boom spreading south
Apr 29, 2014, 4:07 PM | Updated: Oct 10, 2024, 2:06 pm
The Landing in Renton is just one of the many reasons the city is seeing a huge surge in popularity. (City of Renton image)
(City of Renton image)
When you think of hot apartment markets around the Seattle-area, Capitol Hill, Ballard and South Lake Union come to mind. But when it comes to up and coming areas for people looking for a new place to call home, Renton is becoming a surprisingly popular destination.
Several large real estate investors have poured big bucks into apartments in Renton in recent weeks, the Puget Sound Business Journal reports.
Goldman Sachs and Archon group have just sold the 325-unit Copper Ridge complex to a group in California for just over $36.5 million, or 21 percent more than what the property sold for in 2012.
Just last week, Los Angeles-based real estate investment firm TruAmerica Multifamily paid $28.7 million for a 174-unit complex called Montclair Heights.
Brokers tell the Journal that Renton is a “pretty hot market” right now. They credit increased production at the nearby Renton plant and soaring rents in Seattle driving people farther out into the suburbs.
The city of Renton touts itself as “Ahead of the Curve.” It certainly seems to be living up to it.
