200-Unit Affordable Housing Project Planned in North Seattle
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Seattle absorption has been weighed down by tech tenant footprint optimization. Multifamily and industrial have been more resilient, with selective bids on best-located product. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 22nd Seattle story tracked on the wire in October 2026. All Seattle coverage →
- Disclosed multifamily deal value tracked in October 2026: $11.8B across 134 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
Affordable housing developer Bellwether Housing and nonprofit Chief Seattle Club will partner on a 200-unit multifamily project in Seattle’s Licton Springs neighborhood. Delivery for the project, called Thunderbird Ne…
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