Nitze-Stagen Completes Seattle Workforce Housing Project
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.
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On the RET wire
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Trace 4001 , an eight-story workforce housing project located at 4001 S. Willow Street in Seattle’s Othello neighborhood, is now open to the public. The new rental community, located just one block from the Othello Li…
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