Eastern Washington Multifamily Sales Pull Ahead in Q1

Despite rising interest rates, Eastern Washington’s first-quarter multifamily investment sales transaction volume and sales volume exceeded Q4 2022, Kidder Mathews’ Max Frame reported. This was due largely to significant portfolio sales across Eastern Washington, including a $30.4-million, two-property sale in Spokane. 

Eastern Washington’s landlord favorability continues to drive wealth east of the mountains from Seattle, benefiting owners outside the urban core. This is most apparent in Spokane, where the continuous market incline continues to push buyers to pay aggressively to enter the market. 

“We expect a decrease in occupancy in the near future despite a traditional spring run-up in rental rates, as every market experienced an increase in vacancy in the past 12 months,” said Frame, Kidder Mathews’ Eastern Washington multifamily specialist. “The potential for a continued slowing economy in 2023 will likely appear first in declining occupancy and then rental rates.”