News & Trends

A 40-year-old woman was shot in the head and critically injured at a Renton, Washington, apartment complex while serving an eviction notice when the home's occupant began firing at her, according to reports.

The woman was listed in satisfactory condition in intensive care at Harborview Medical Center in Seattle.

Police arrested Joshua Gasperich, 31, according to police reports on Twitter. The shooting occurred at 2700 N.E. Ninth St.

A 40-year-old woman was shot in the head and critically injured at a Renton, Washington, apartment complex while serving an eviction notice when the home's occupant began firing at her, according to reports.

The woman was listed in satisfactory condition in intensive care at Harborview Medical Center in Seattle.

Police arrested Joshua Gasperich, 31, according to police reports on Twitter. The shooting occurred at 2700 N.E. Ninth St.

Seattle-based Security Properties and Pacific Life Insurance Company have purchased Tessera at Orenco Station, a 304-unit multifamily property built in 2014 in Hillsboro, Oregon for $85 million, according to a release.

 Security Properties now owns a total of eight assets in the Portland marketplace.

The acquisition was made because, "Hillsboro has excellent fundamentals with convenient access to high paying employers.  With the combination of walkable retail and a location adjacent to the light rail station, we feel Tessera is well positioned to be the top asset in the market once our value-add upgrades are complete," Davis Vaughn, Senior Director at Security Properties, said in the release.

Tessera is located within the outlying suburbs of the Portland Metropolitan Area. Hillsboro, is currently the state's fifth largest city with over 100,000 residents.

The average U.S. multifamily rent rose $2 in August to $1,412, yet another all-time high, according to a survey of 127 markets by Yardi Matrix.

“The multifamily market … shows no signs of being at the end of its cycle,” the report says, noting that the monthly average was the seventh consecutive all-time high.

Only 41 percent of renters carry renters insurance, a substantial difference from 95 percent of homeowners who carry homeowner’s insurance policies, according to a new poll from the Insurance Information Institute.

The number of renters has reached a near all-time high of 43 million according to the current population survey/housing vacancy survey at the U.S. Census Bureau.

"Many renters underestimate both the value and affordability of renters insurance,"  Mendi Riddle, vice president of product and pricing for Nationwide's personal lines, said in a release.

A mother and her five children, ages 2 through 10, were killed in a fire at an extended-stay hotel in Benton Harbor, Michigan, on July 27.

 Several others were taken to the hospital with injuries from the fire at the Cosmo Extended Living Hotel, which was reported about 1:45 a.m. The hotel was built as a Howard Johnson in 1962.

A new report from the National Apartment Association says apartment jobs across the country account for one-third of all the real estate jobs in the nation.

In Portland it is even higher.

Apartment jobs in Portland represent 54 percent of all the real estate jobs in the metro area according to the report which ended with the second quarter in June.

Apartments remained a favored asset class for investors and have regularly out-performed other real estate sectors during this cycle.

Continued strong demand for apartment jobs especially property managers

Over 71 percent of apartment industry jobs fell within the property management, leasing and maintenance categories.

Property managers, in particular, were in higher demand this year although all sectors witnessed increases thanks to continued strong demand for apartments.

The national apartment rents index is up 0.1 percent month-over-month in the peak of the rental season, marking the sixth straight month of increasing rents, except in Portland and Seattle where rents have declined slightly, according to Apartment List.com.

Year-over-year growth now stands at 1.2 percent, lagging the rates from the two prior years.

“While rents were increasing at a fairly fast clip over in May and June, things cooled off in July with a modest 0.1 percent month-over-month increase,” according to Chris Salviati, housing economist at Apartment List.

The Phoenix multifamily market has turned into a blooming desert for investors and apartment owners as low business costs and great weather has turned into a magnet for companies relocating from nearby California, pushing healthy demographic trends and boosting housing demand in the process, according to a new report from Yard iMatrix.

Rents rose 4 percent year-over-year as of April 2018. The company says they expect Phoenix rents to grow by 5 percent in 2018.

The pace of rent growth was well ahead of the 2.4% national rate, while the rental amount trailed the $1,377 national average. 

A 402-unit Tempe apartment complex has sold for $60.5 million, or $150,498 per unit, according to a release.

Willow Creek, built in 1984, Willow Creek is about one mile from Loop 101/Apache Boulevard light rail station and one-half mile from the intersection of the Price Freeway and Broadway Road, according to the release from Institutional Property Advisors (IPA), a division of Marcus & Millichap.

Tempe apartment complex a prime candidate for renovations

 “The property is a prime candidate for interior renovations as the large majority of unit interiors feature original finishes,” Cliff David, Marcus & Millichap senior managing director, said in the release.