The Wall Street Journal reports that a New York-based private equity firm and a Los Angeles developer acquired Seattle’s Harbor Properties in a deal valued at $75 million, which includes four existing apartment properties and three under construction. Apartment demand has been strong, especially among those who have experienced foreclosure. The Seattle market is particularly attractive to investors because of the varied employment base and forecasts for growth, though there is concern that the market is quickly becoming overbuilt. Some prognosticators say that any new projects not already in the ground risk missing the chance at achieving existing favorable returns.
The full article is available on The Wall Street Journal’s Web site.