Seattle apartment developers created a complex in a hard to develop area that is accross the street form the light rail station. Other developers have a wait and see attitude. They will build if this project is successful. unfortunately the rent in these Seattle apartments is about 40 percent higher than anywhere else in the city according to https://seattletimes.nwsource.com/html/businesstechnology/2015109817_othello21.html.
“I don’t know if there’s been a better time to be in the apartment industry than right now,” George Petrie, CEO of Goodman Real Estate, a major apartment developer, told a real-estate forum this week.
But Southeast Seattle is a new frontier for the industry. Before the Seattle apartments near the light rail station, “that area hadn’t seen any conventional [for-profit] new construction in many years,” TomCain says.
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