West Seattle apartment deal is latest in flurry as excise tax increase looms
The Puget Sound region has seen a glut of apartment sales in the waining months of 2019 as buyers look to close transactions before the real estate excise tax increases on Jan. 1.
Willowcrest Apartments in West Seattle was bought by Raymond Capital Advisors on Monday for $18.8 million. Atlanta-based Invesco was the seller.
At least eight other apartment buildings have changed hands since mid-October, a spate of deals that totals more than $300 million. That flurry of activity is due in large part to the looming tax rate change, said Matthew Gardner, the chief economist for Windermere Real Estate.
"Once the REET passed I fully expected a flood of purchased before Dec. 31, and that's exactly what has happened," Gardner said. "This is absolutely not surprising at all."
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