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Pacific Northwest Real Estate Investment Market Report: Nov. 2019

Dear Friends,

Today is an exciting day for us, as we have formally announced that we are combining our business with Trinity Merger Corp., and becoming a public company, listed on the New York Stock Exchange.  As of today, we are now Broadmark Realty Capital Inc.

This change will allow us to lend on a national basis for the first time and will also allow our customers across all our markets to access our full range of loan products, as well as loan amounts of up to $50 million.

While our name and website have changed, I want to personally assure you that our lending operations, including originating, underwriting, and funding loans, will remain substantially the same. Our management team will also remain in place. You’ll receive the same industry-leading service, from the same best-in-class team you’ve grown to rely on in the past.

Full details can be found here or visit our new website.

 

Sincerely,

 

Jeffrey B. Pyatt, CEO
Bryan Graf, EVP, Pacific Northwest

Market Activity

Seattle, WA
Market Overview

Strong desirability of deploying capital into the Seattle market continues as we’ve seen an acceleration of $20 million-plus transaction volume year to date. The cycle’s transaction high reached in 2016 could be eclipsed if the current trend holds. As institutional buyers continue to look for walkable, live-work-play locations with high-tech resident profiles, completed mid-rise and high-rise properties in and near downtown are heavily targeted allowing several properties to close with cap rates close to 4 percent.

812
Homes Sold
$675,000
Avg. Home Price
$2,478
Median Rent
Data Source: U.S Census Bureau - Quarterly
4.4%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
4.2%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
5.6%
Bremerton-Silverdale, WA
5.1%
Kennewick-Richland, WA
5.4%
Lewiston, ID-WA
3.2%
Longview, WA
6.8%
Mount Vernon-Anacortes, WA
5.9%
Olympia-Tumwater, WA
5.3%
Portland-Vancouver-Hillsboro, OR-WA
4.3%
Seattle-Tacoma-Bellevue, WA
3.6%
Spokane-Spokane Valley, WA
5.8%
Walla Walla, WA
5.3%
Wenatchee, WA
5.0%
Yakima, WA
6.9%

Market Activity

Portland, OR
Market Overview

Underlying positive apartment fundamentals and higher yields than most West Coast markets, Portland has shown a strong inflow of capital over the past five years. Those positive reasons for investing in Portland remain in place. Additionally, once the rent growth resumes and the supply additions are absorbed, the largest obstacle for investment purchases will be overcome.

980
Homes Sold
$450,000
Avg. Home Price
$1,881
Median Rent
Data Source: U.S Census Bureau - Quarterly
5.4%
Rental Vacancy Rate
1.1%
Homeowner Vacancy Rate
3.9%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
5.1%
Bend-Redmond, OR
4.1%
Corvallis, OR
4.0%
Eugene, OR
5.0%
Grants Pass, OR
5.7%
Medford, OR
5.1%
Portland-Vancouver-Hillsboro, OR-WA
4.3%
Salem, OR
4.8%

Market Activity

Boise, ID
Market Overview

The Boise market continues to heat up. Boise Regional Realtors say the median home sales price increased to a record of $354,405 in June – a 10% increase from June 2018. According to an estimate by the U.S Department of Housing and Urban Development, the Boise metro area – which includes Ada, Canyon, Gem, Boise and Owyhee counties – needs to add nearly 20,000 single-family homes and apartment units by 2021 to keep pace with demand.

426
Homes Sold
$320,000
Avg. Home Price
$1,336
Median Rent
Data Source: U.S Census Bureau - Quarterly
6.9%
Rental Vacancy Rate
1.5%
Homeowner Vacancy Rate
2.3%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
2.6%
Coeur d'Alene, ID
3.0%
Idaho Falls, ID
2.1%
Lewiston, ID-WA
3.2%
Logan, UT-ID
2.4%
Pocatello, ID
2.5%
Twin Falls, ID
2.5%
Rental vacancy, homeowner vacancy and state unemployment rates are from the U.S Census Bureau. Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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