Demand for quality income properties remains strong in Seattle

Jan 24

The demand for newly developed real estate assets in good Seattle locations remains strong. The sale of an apartment building on Seattle’s First Hill Illustrates the strength of the market. The recently completed property called Zig is located near hospitals and Seattle University offers an example of the premium that investors are willing to pay for a new high-quality income property.

The 117,000 sure foot structure houses 170 residential units and some retail space. As reported by Marc Stiles in the Puget Sound Business Journal, the price was 60% greater than the development cost. The building sold for $68.5 million—or $585 per square foot. A Loopnet listing of the commercial space contains additional property details.

H. Pike Oliver

Born and raised in the San Francisco Bay Area, H. Pike Oliver has worked on real estate development strategies and master-planned communities since the early 1970s, including nearly eight years at the Irvine Company. He resided in the City of Irvine for five years in the 1980s and nine years in the 1990s.

As the founder and sole proprietor of URBANEXUS, Oliver works on advancing equitable and sustainable real estate development and natural lands management. He is also an affiliate instructor at the Runstad Department of Real Estate at the University of Washington.

Early in his career, Oliver worked for public agencies, including the California Governor’s Office of Planning and Research where he was a principal contributor to An Urban Strategy for California. Prior to relocating to Seattle in 2013, Oliver taught real estate development at Cornell University and directed the undergraduate program in urban and regional studies. He is a member of the Urban Land Institute, the American Planning Association and a founder and emeritus member of the California Planning Roundtable.

Oliver is a graduate of the urban studies and planning program at San Francisco State University and earned a master’s degree in urban planning at UCLA.

https://urbanexus.com

Demand for quality income properties remains strong in Seattle

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