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2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
APARTMENT
                    2021
                    PUGET SOUND MARKET

   DEVELOPMENT
PIPELINE REPORT

DY L ANSIMON .COM
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
03
TABLE OF                                                                                                        KING COUNTY

                                                                                                                Urban King Development Overview.....................................................16

CONTENTS                                                                                                        Suburban King Development Overview...............................................32

                                                                                                                04
                                                                                                                SNOHOMISH COUNTY

                                                                                                                Development Overview..........................................................................42

                                                                                                                05
01                                                                                                              PIERCE COUNTY

INTRODUCTION                                                                                                    Development Overview..........................................................................50
Our Development Land Sales Highlights............................................... 4

                                                                                                                06
Meet Our Team.......................................................................................... 5
Track Record............................................................................................... 5
                                                                                                                KITSAP COUNTY

                                                                                                                Development Overview..........................................................................58
02
DEVELOPMENT OVERVIEW

Puget Sound Apartment Development Overview................................. 8                                   07
Apartment Pipeline Snapshot................................................................10                   DATA SOURCES & DEFINITIONS ..............................................................64
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
INTRODUCTION
MAY 2021

Entering a new decade in 2020 soon felt like the
beginning an entirely brand-new world. Nearly
every area of focus for the apartment development
community – urbanism, small spaces, shared amenities,
co-living/co-working, transit – abruptly shifted.
Where do we go from here?
In 2021, as we begin to get our bearings, we stare down an apartment development pipeline larger than the
Seattle/Puget Sound region ever experienced. The development cycle spanning 2010 – 2020 changed the
face of the region – as well as expectations for every market participant. We expected reasonably consistent
demand drivers, acceptable return thresholds, and linear increases in project timelines and construction costs.
Each of these factors changed markedly over the last 12 months.

In addition to myriad challenges faced in our region, apartment developers must analyze how best to proceed
with the development of nearly 130,000 apartment units in the current pipeline. Many projects are viable,
yet others were planned, designed, and entitled under a set of assumptions that may no longer prove valid.

Understanding the apartment development pipeline – including existing inventory of apartment units –
remains crucial. Our Team stands at the ready through this market shift to help you achieve your apartment
development and investment goals through our valuation, advisory, and brokerage services.

Please utilize this research report, and our expertise, in these changing and challenging times to make the
best possible investment decisions.

Let Us Turn Our Expertise into Your Profit!

DYLAN SIMON                        JERRID ANDERSON
Executive Vice President           Executive Vice President
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
MULTIFAMILY INVESTMENT
    SALES SPECIALISTS
    Our goal is to help you maximize                          OUR DEVELOPMENT LAND
    your multifamily investments,                             SALE HIGHLIGHTS
    whether that means selling your
    apartment building faster and for
    more money, or providing advisory
    services for assets you plan to hold
    or want to buy.                                           BELRED TOD                          1405 DEXTER AVE N
                                                              Bellevue                            Westlake

                                                              Pricing Guidance $21M+              Pricing Guidance $12,000,000

    And while anyone can promise you                          Status             Under Contract   Status           Under Contract
                                                              Unit Count         249 units        Unit Count       155 units
    results, we deliver on our promises
    with a data-driven understanding
    of the market, an extensive buyer
    reach, and exceptional marketing
    that cuts through the noise.                              24TH & UNION                        BEACON STATION
                                                              Central District                    Beacon Hill

                                                              Pricing Guidance $4,500,000         Pricing Guidance $4,000,000
                                                              Status             Available        Status           Sold
                                                              Unit Count         107 units        Unit Count       66 units

4   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
INTRODUCTION

MEET THE TEAM

Dylan Simon                                            Jerrid Anderson                                           Matt Laird
Executive Vice President                               Executive Vice President                                  Senior Associate

Dylan is a market-leading broker throughout Seattle    Jerrid focuses on urban apartment and development         Matt is an apartment broker specializing in urban and
and the Puget Sound region, specializing in the sale   land sales, and is the region’s micro-apartment expert.   suburban apartment sales, development land sales,
of apartment buildings and development land, with      His entrepreneurial mindset and passion for marketing     and off-market acquisitions. His attention to detail and
expertise in sales strategies, market knowledge, and   lead the innovation his clients have come to expect.      excellent client service ensures smooth transactions
industry trends.                                                                                                 from marketing through closing.

Brandon Lawler                                         Winslow Lee                                               Greyson Elmes
Associate Vice President                               Associate                                                 Associate

Brandon is an apartment broker specializing in the sale Winslow is an apartment broker specializing in sales Greyson is an apartment broker specializing in the
of apartment buildings and off-market acquisitions, of apartment buildings and development land across marketing and sale of 3-15 unit apartment buildings
with an expertise in the South Puget Sound market. the Puget Sound, with expertise in the Snohomish in Urban King County.
                                                        County market.

Max Frame                                              Jack Counihan                                             Cassie Pieters
Associate                                              Associate | Financial Analyst                             Executive Assistant

Max is an apartment broker specializing in the sale Jack specializes in market research, apartment Cassie provides balance and support through
of King County development land and Eastern, valuations, and sales tracking in the Puget Sound administrative contributions. Her commitment to
Washington apartment buildings.                     market.                                        the betterment of the team results in major goal
                                                                                                   achievement and long-term success.

TRACK                       $1.25B                                   9,890                             $179M                               1.38M SF
RECORD                     TOTAL VALUE SOLD &
                            UNDER CONTRACT
                                                                   TOTAL UNITS SOLD &
                                                                    UNDER CONTRACT
                                                                                                  ACTIVE LISTINGS & LISTINGS
                                                                                                     COMING TO MARKET
                                                                                                                                          DEVELOPMENT LAND SOLD
                                                                                                                                            & UNDER CONTRACT

                                                                                                                 2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM    5
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
02
DEVELOPMENT
   OVERVIEW
   PUGET SOUND APARTMENT DEVELOPMENT OVERVIEW

                   APARTMENT PIPELINE SNAPSHOT
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
DEVELOPMENT
    OVERVIEW                                                                                                                             5%

                                                                                                                                  EXISTING
                                                                                                                                 INVENTORY
                                                                                                                                              1%

                                                                                                                                               12%

                                                                                                                               39,863
    PUGET SOUND APARTMENT                                                                                                          UNITS

    DEVELOPMENT OVERVIEW                                                                             14%

                                                                             10%              14%    EXISTING
                                                                                   6%               INVENTORY
                                                                                                                               SNOHOMISH
                                                                                                105,953
                                                                        EXISTING
    For this study, we traced apartment development deliveries         INVENTORY
    back 10 years and analyzed three distinct phases of the current
                                                                       8,421            19%                       47%
                                                                                                      UNITS
    development pipeline, as outlined below. Our research and
                                                                         UNITS
    data cover the quad-county region (King, Snohomish, Pierce,
                                                                                                                                  7%
    and Kitsap counties), encompassing more than 6,400 square                                                                          5%

    miles, 130,000+ planned apartment units, and nearly 1,000                                       URBAN
                                                                                                                              EXISTING
                                                                                                     KING
    individual apartment developments.                                 KITSAP                                                INVENTORY
                                                                                                                                              22%
                                                                                                                             99,456
                                                                                                                               UNITS
    PIPELINE DEFINITIONS

    UNDER CONSTRUCTION          Developments labeled “Under
    Construction” have broken ground. Anticipated delivery is within
    the next 36 months for Type I projects or the next 24 months for                                                         SUBURBAN
                                                                                                                               KING
    Type III and Type V projects.
                                                                                                                  3% 2%

    PLAN APPROVED        These units have entitlements from their                                                       9%
    respective cities and could break ground at any time. Given
                                                                                                               EXISTING
    current market dynamics, it is important to note projects that                                            INVENTORY
    might be on hold. Concerns over the economy, rising construction
    costs, and tighter lending restrictions have led some developers                                          53,749
                                                                                                                UNITS
    to rethink permitted projects. Some permitted sites will trade
    hands and construction will commence, while many others will                                                                                     Units under construction as a
                                                                                                                                                     percentage of existing inventory
    be held by developers until a later date.
                                                                                                                                                     Units approved as a percentage
    IN REVIEW   Projects “In Review” are currently pending city                                               PIERCE                                 of existing inventory

    approvals. In Seattle, the entitlement process can take over                                                                                     Units in review as a percentage
                                                                                                                                                     of existing inventory
    two years, so in many cases, projects in this category are three
    or more years away from delivery.                                                                                                                      10+ UNIT BUILDINGS

8   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
DEVELOPMENT OVERVIEW

   DEVELOPMENT DELIVERIES & PIPELINE BY YEAR / STATUS

         90,000
          90000

         80,000
          80000

         70,000
          70000

         60,000
          60000

         50,000
          50000

         40,000
          40000

         30,000
          30000

         20,000
          20000

         10,000
          10000
                                                                                                                                                                                   Total Units
                   0                                                                                                                                                               Delivered +
                  0    '2010'    '2011'    '2012'    '2013'    '2014'    '2015'     '2016'    '2017'    '2018'    '2019'    '2020'   'Q1  2021'Construction
                         2010      2011     2012      2013      2014      2015       2016      2017      2018      2019     2020      Q1 2021   Construction Approved
                                                                                                                                                             Approved InInReview
                                                                                                                                                                          Review    Pipeline

Urban King             1,035      145      1,636     2,644     5,927     5,517     4,890     4,853     5,174     4,423     2,121       624      15,041     14,462        50,295    118,287

Suburban King          1,751      220       463       738      1,028     2,033     3,409     1,242     2,442     2,816     1,470       572       6,559      5,072        21,653     49,373

Snohomish                 -       108       352       619       924      1,239       70       441        48       982       556        600       1,997       460          4,630     13,026

Pierce                  275       305       788       796       619       818       587      1,058      313      1,228      545        234       1,803       825          4,750     14,944

Kitsap                    -         -         -         -       251        12        71       245       166       114       238         -         818        521          1,562     3,998

Total Deliveries        3,061     778       3,239     4,797     8,749     9,619     9,027     7,839     8,143     9,563     4,930     2,030     26,218      21,340       82,890

Total Inventory        238,728   239,506   242,745   247,542   256,291   265,910   274,937   282,776   290,919   300,482   305,412   307,442
                                                                                                                                                 Total Pipeline          130,448
% Increase                        0.3%      1.4%      2.0%      3.5%      3.8%      3.4%      2.9%      2.9%      3.3%      1.6%      0.7%

   *KING, SNOHOMISH, PIERCE & KITSAP COUNTIES — 10+ UNIT BUILDINGS

   HISTORIC DATA REPORTED IN 2021 DIFFERS FROM PREVIOUS YEARS DUE TO UPDATES AND RECALIBRATION FROM OUR DATA SOURCES. IN SOME CASES THESE UPDATES ARE MATERIAL,
   AND IN OTHERS THERE ARE ONLY SLIGHT DEVIATIONS. THIS REPORT PROVIDES THE MOST ACCURATE DATA WE ARE ABLE TO SOURCE. MOST CHANGES ARE DUE TO CHANGES FROM
   MARKET RATE DEVELOPMENT TO AFFORDABLE/SUBSIDIZED/SENIOR HOUSING PROJECTS (NOT INCLUDED IN OUR RESEARCH) AND CHANGES IN LOCATION BOUNDARIES.

                                                                                                                             2021 APARTMENT MARKET STUDY             SIMON | ANDERSON TEAM      9
2021 APARTMENT DEVELOPMENT PIPELINE REPORT - Kidder ...
DEVELOPMENT OVERVIEW

     APARTMENT DEVELOPMENT
     PIPELINE SNAPSHOT
     A SLOWDOWN – SORT OF …                                                                          A PATH FORWARD

     In last year’s Apartment Development Pipeline Report, we forecast a slowdown. Less              Expect 2021 to serve as a year of regrouping – centering, if you will – and
     apartment units delivered and less developments receiving permitting. In 2021, we are           focusing on which developments make the most sense. Is no surprise
     experiencing some of the effects of that slowdown, with less units delivered year-over-year     that apartment developers are focusing more on Eastside and suburban
     than in previous years, and less construction starts. Where the market has not slowed is        markets, and we expect this trend to continue for the long-term.
     in delivering permitted development sites.
                                                                                                     In the short term, we expect a slowdown in the construction and delivery
     Part of what the market is experiencing is a bottleneck at the stage of groundbreakings.        of urban-located, small unit-sized developments. Expect continued
     Apartment developers are much busier entitling development sites than they are in starting      vibrancy in urban markets with high entrance barriers– Queen Anne,
     to construct them. And given demand drivers, constructions costs, and availability of           Green Lake – and slowdowns in markets hardest hit in the last year –
     capital – this all makes sense.                                                                 South Lake Union, West Seattle, University District.

     Development History & Pipeline by Region
                       Inventory as of              Inventory Growth             Under                       Plan                             In Review
                       Year-End 2000                2010 – 2020                  Construction                Approved

     Urban King         66,964 Units                38,365 Units          57%         15,041 Units    14%               14,462 Units   12%    50,295 Units               37%

     Suburban King      81,272 Units                       17,612 Units   22%       6,559 Units       7%        5,072 Units            4.8%               21,653 Units   20%

     Snohomish                       33,924 Units     5,339 Units         16%     1,997 Units         5%      460 Units                1.1%     4,630 Units              11%

     Pierce             46,183 Units                   7,332 Units        16%     1,803 Units         3%      825 Units                1.5%     4,750 Units              8%

     Kitsap                7,324 Units              1,097 Units           15%     818 Units           10%     521 Units                5.6%    1,562 Units               16%

10   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   11
03
  KING
COUNTY
   URBAN KING DEVELOPMENT OVERVIEW

SUBURBAN KING DEVELOPMENT OVERVIEW
KING
           COUNTY
                                                               A QUESTION OF URBANISM
           In each successive year of the                      Yet, 2020 – and the ravaging impacts of COVID-19 – caused the apartment
           market cycle that spanned from                      industry to second-guess urbanism altogether. Its early innings of this next
                                                               decade; however, the next few years will prove crucial in determining the
           2010 to 2020, the question                          direction of renter demand, and how apartment developers will respond
                                                               to it.
           of urbanism came more into
           focus. For the first half of                        A TALE OF TWO CITIES

                                                               Seattle’s recent ascendancy as one of the most desirable cities for renters
           the last decade, apartment                          and apartment developers alike met an abrupt halting over the course of
                                                               the last year. As both renters and investors second-guessed their interest in
           developers focused on dense,                        Seattle, it didn’t take either long to make their way across Lake Washington
           urban neighborhoods – with                          to settle on Bellevue as the next-best alternative.

                                                               Nationwide, in 2020 most all urban centers felt the impacts of COVID-19
           nearly 90% of all development                       in the form of lessened demand, yet somehow Bellevue defied the odds.
           planned in urban cores. That                        Renters chose it over Seattle – as did employers, leading the apartment
                                                               development community to flock en masse to Bellevue.
           number shifted closer to 60% by
           the time the decade closed.

14   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

205,409            113,082
 TOTAL INVENTORY        TOTAL PIPELINE

                   2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   15
KING COUNT Y                                                                                                            NORTH
                                                                                                                              KING

     URBAN KING                                                                                                                                               Kirkland,

     DEVELOPMENT                                                                                                              Green
                                                                                                                                                              Juanita &
                                                                                                                                                             Totem Lake

     OVERVIEW                                                                                                  Ballard        Lake     Roosevelt

                                                                                                                           Wallingford University
                                                                                                                                        District
     Over the course of the last year, apartment development in                                                            Fremont
     Urban King County shifted from a gold rush to plugging holes in                                      Magnolia
     a dam. Its challenging – and fruitless – the cease work on projects
                                                                                                                     Queen
     under construction and a current pipeline of over 15,000 units                                                  Anne              Capitol
                                                                                                                                        Hill          West
     under construction (compared to 16,000 at this time last year)                       South Lake Union
     proves that point.                                                                  Eastlake, Westlake                                          Bellevue             EAST
                                                                                                                                                                          KING
                                                                                  First Hill, Yesler Terrace                             Central
     The biggest change year-over-year are the number of projects
                                                                                    Belltown, Downtown,                                  District
     halted. As of Q1 2020, plans for approximately 2,500 units                           Pioneer Square,
     were approved, yet construction had not commenced. Roll-
     forward to 2021, and the number of permitted units skyrocket to
     nearly 15,000 units. Due to slowed-demand, high construction                                                                                   Mercer
                                                                                                                                                    Island
     costs, and a challenging capital markets environment, apartment
     developers are waiting out the storm.
                                                                                                                  West                  South
                                                                                                                 Seattle                Seattle
     Despite a slowdown in construction starts, the overall pipeline of
     units in review (applications submitted, yet not issued) is as high
     as it’s ever been – representing 50% of all apartment inventory
     in King County’s urban neighborhoods.

                                                                                                                                 SOUTH
                                                                                                                                  KING

     Urban King Development Pipeline

                                 UNDER CONSTRUCTION: 15,041 UNITS | 14% OF TOTAL INVENTORY

                                 PLANS APPROVED: 14,462 UNITS | 14% OF TOTAL INVENTORY

                                                                                          IN REVIEW: 50,295 UNITS | 47% OF TOTAL INVENTORY

      TOTAL INVENTORY: 105,953 UNITS

16   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

Urban King Historical Deliveries & Construction Pipeline by Neighborhood
                              INVENTORY AS OF YEAR-END 2009              INVENTORY GROWTH: 2010 - 2020                       UNDER CONSTRUCTION

                                                                                                            INCREASE OVER                                      INCREASE OVER
Ballard                                2,466 Units                                     2,485 Units   101%   2010 INVENTORY   298 Units                    6%   EOY 2020 INVENTORY

Fremont, Green Lake &
Wallingford
                              3,985 Units                                              2,608 Units             65%             903 Units                  14%

University District &
Roosevelt
                              6,101 Units                                                 3,171 Units          52%                 1,610 Units            17%

Queen Anne & Magnolia         7,037 Units                                         2,124 Units                  30%            506 Units                   6%

South Lake Union,
Westlake & Eastlake
                              3,639 Units                                 5,788 Units                          159%               2,094 Units             22%

Belltown, Downtown &
Pioneer Square
                              7,827 Units                                7,325 Units                           94%                        3,721 Units     25%

First Hill & Yesler Terrace   3,869 Units                                         2,037 Units                  53%                       2,294 Units      39%

Capitol Hill                  10,926 Units                               4,409 Units                           40%           337 Units                    2%

Central District                     1,478 Units                            831 Units                          56%             731 Units                  32%

West Seattle                  4,303 Units                                       1,646 Units                    38%             743 Units                  12%

South Seattle                           2,307 Units                         833 Units                          36%             796 Units                  25%

West Bellevue &
Mercer Island
                              6,393 Units                                3,569 Units                           56%            614 Units                   6%

Kirkland, Juanita &
Totem Lake
                              6,664 Units                                      1,539 Units                     23%            394 Units                   5%

NOTE: PIPELINE ONLY INCLUDES # OF UNITS CURRENTLY UNDER CONSTRUCTION. PROJECTS THAT ARE “APPROVED” OR “IN REVIEW” ARE NOT INCLUDED IN THIS CHART.
SOURCE: COSTAR

                                                                                                                2021 APARTMENT MARKET STUDY           SIMON | ANDERSON TEAM        17
KING COUNT Y

                                                                 EXISTING APARTMENT INVENTORY: 4,951 UNITS

                                                                 Construction                        Approved                                       In Review                             Total Pipeline                                             Microhousing Pipeline                                                                                              APARTMENT

     Ballard                                                     298                                 306                                            2,276                                 2,880                                                      1,208                                                                                                              MICROHOUSING*

                                                                 6%                                  6%                                             46%                                   58% of inventory                                           24% of inventory                                                                                                   MIXED*

     Highly concentrated                                         *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     development areas

                                                                                            Seaview Pl NW

                                                                                                                                                              28th Ave NW
     such as Market Street
                                                                                                                                                                                                                   NW 85th St

                                                                                                                    Dr NW
                                                                                                              Gardens
     and the 15th Ave                                                                                                                        Lo
                                                                                                                                               ya
                                                                                                                                                  lW
                                                                                                                                                    ay

                                                                                                                                                                            26th Ave NW
                                                                                                                                                         NW
     Corridor highlight

                                                                                                            Golden
                                                                                                                                                                                                                                                           20
                                                                                                                                                                                                                                                60                                                 NW 80th St

                                                                                                                                                                                                                                                                 54
     Ballard’s development

                                                                                                                                                                                                                  21st Ave NW
                                                        PUGET                                                                                                                                                                                    60

                                                                                    Seaview Ave NW
     pipeline.                                          SOUND

                                                                                                                                                                                                                                                                       Mary Ave NW
                                                                                                                            32nd Ave NW
                                                                                                                                                                                                                                                                                                                                                FREMONT
                                                                                                                                                                                                                                                                                                                                               GREEN LAKE

                                                                                                                                                                                            24th Ave NW

                                                                                                                                                                                                                                                          15th Ave Corridor
                                                                                                                                          NW 73rd St
                                                                                                                                                                                                                                                                                                                                              WALLINGFORD

                                                                                                                                                                                                                                                                                                12th Ave NW
                                                                                                                                                                                                                                               163                                                                                                           SEE PAGE 19
                                                                                                                                          NW 70th St
                                                                                                                                                                                                          NW Sloop Pl

                                                                                                            33rd Pl NW
                                                                                                                                                                                                                                                     30
     It certainly feels like Ballard is

                                                                                                                                                                                                                                                                                                                           8th Ave NW
                                                                                                                                          NW 68th St

     growing faster than other North
     Seattle neighborhoods. Observing                               NW 65th Court                                                         NW 65th St                                                                                                                     60
                                                                                                                                                                                                                                                                                     22
     the high-density of development                                                                                                                                                                                                                                          35

     lining Market Street, it’s clear                                                                                                                                                                           NW 62nd St

     that projects are moving north                                NW 61st St                                                             NW 61st St
                                                                                                                                                                                                                                                                               22
     to the 15th Ave corridor, offering                                                                                                                                                                          NW 59th St                          52
     more affordable and efficiently                                                                                                                                                                                  118 80                                                               21
                                                                                                                                                                                           27
     designed apartments. This shift                                                                                                                                                                                   51
                                                                                                                                                                                                                                                                   161                     28

                                                                                                                                                                                                                                Ba
                                                                                                                                          NW 56th St                              55                                        106

                                                                                                                                                                                                                                 rn
                                                                                                                                                                                                                                                                                     60                       130
     finds validation in that nearly half

                                                                                                                                                                                                                                   es
                                                                                                             NW Market St
                                                                                                                                                                                                                                 102                                                       86                       32

                                                                                                                                                                                                                                     Av
                                                                                                                                                                                                                                        181
                                                                                                                                                                                                                                                                                              84 St 228

                                                                                                                                                                                                                                                                                                                                              NW
                                                                                                                                                                                                                                        e
                                                                                                                                                                            150 171
     of planned development is made

                                                                                                                                                                                                               Le

                                                                                                                                                                                                                                        NW
                                                                                                                                                                                                                                                                                          NW 54th
                                                                                                                                                                                                                                                                                          122

                                                                                                                                                                                                                 ar
                                                                                     NW 54th St                                                                                                                                                                               59

                                                                                                                                                                                                                                                                                                                                              Ma
                                                                                                                                                                                                                 yA
                                                                                                                                                                                                                 48

                                                                                                                                                                                                                                                                                                                                               rke
     up of efficiency units.

                                                                                                                                                                                                                   ve
                                                                                                                                                                                                                                              68

                                                                                                                                                                                                                                NW

                                                                                                                                                                                                                                                                                                                                                  t St
                                                                                                                                                                                                                                                                                                                    NW 51st St
                                                                                                                                                                                                                                                     134
     It’s close vicinity to Downtown, Green
                                                                                                                                                                                                                                                                                         NW Le
     Lake, and South Lake Union make                                                                                                                                                                                                                                                          ary Way

                                                                                                                                                                                                                                     NW Ballard Way                                                                              NW 47th St
     Ballard one of Seattle’s most desirable

                                                                                                                                                                                                                                                                                                                 Le
                                                                                                                                                                                                                                              Shil
     neighborhoods; and we expect                                                                                                                                                                                                                  sho

                                                                                                                                                                                                                                                                                                                   ar
                                                                                                                                                                                                                                                          le A

                                                                                                                                                                                                                                                                                                                    yW
                                                                                                                                                                                                                                                              ve N
                                                                                                                                                                                                                                                                                     W

                                                                                                                                                                                                                                                                                                                      ay
     developers to aggressively seek                             QUEEN ANNE

                                                                                                                                                                                                                                                                                                                         NW
     more development opportunities                               MAGNOLIA

                                                                                                                                                                                                                                                                                                                                                         Baker Ave NW
     in this favorite neighborhood.                                 SEE PAGE 21
                                                                                                                                                                                                                                                                                                              NW 42nd St

                                                                                                                                                                                                                                                                                                                                        NW 41st St

                                                                                                                                                                                                                                                                                                                                                   NW 39th St

18   SIMON | ANDERSON TEAM        2021 APARTMENT MARKET STUDY
KING COUNT Y

                                        EXISTING APARTMENT INVENTORY: 6,593 UNITS

APARTMENT                               Construction                Approved                     In Review                             Total Pipeline                   Microhousing Pipeline

MICROHOUSING*                           903                         708                          2,246                                 3,857                            1,215                                     Fremont, Green Lake
MIXED*                                  14%                         11%                          34%                                   59% of inventory                 18% of inventory                          & Wallingford
                                    *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

                        73         27
                                         88
                                                   202                                                          N 85th St                                                                                        The 98103-zip
                                        66
                                                                                 93
                                                                                                                                                                                                                 code continues to
                                        74
                                                                            26
                                                                                                                           N 80th St                                                                             outperform other
                                                                                 34
                                                                                                                                                                                                                 urban Seattle
                             PHINNEY
                              RIDGE                                               41
                                                                                                                                                                                                                 neighborhoods.
                                                                            32                                                                  10
                                                                                                                                                          45
                                                                                                                                                               157 21
                                              25
                                        35

                                         28
                                                                                            GREEN                                                    98        116

                       12                                                                    LAKE                                                                                                                Pre-COVID, this submarket thrived
                                                                                                                                                                                                                 with a limited supply of available
                                                                                                                                             GREEN
                                                                                                                                              LAKE                                                               development opportunities in its
                                                                                                                                                                                                                 most desirable areas: Fremont
                                                                     99
                                                                                                                                                                                                                 Ave N, N 45th Street, and Green
   BALLARD                                                                                                                                                               UNIVERSITY                              Lake proper. During COVID, zoning
   SEE PAGE 18                                                                                                                                                           DISTRICT &                              restricted density, and desirable
                                                                                                                                                                         ROOSEVELT                               parks helped owners retain quality
                                                                                                                                                                            SEE PAGE 20                          residents with less rent reductions
                                                                    102                                                                                                                                          and vacancy loss than other
                                                                    127                                                                                                                                          competing neighborhoods. If you
                                                                    66                                                                                                                                           want to know where to target new
                                                                                             40                       18
                                                                                                                                 180                                                                             development opportunities, look
                                                                                                                       12
                                                                                 43     42                                  78                                                                                   on the map where others are not:
                                                               93
                                                                                                                            WALLINGFORD                                                                          Phinney Ridge, Fremont Ave N, and
                                                                                                 Stone Way Corridor

                                                                                           106                                                                                                                   N 45th Street.
                               FREMONT                                                57
                                                                                           118

                                                                                      128
                                                              32          153
                                                         27                 19         140
                               23
                              70              67                           42    19
                                    39                                                 146

                                                         50 103                    236

                                                                    56
                                                                                 122
     QUEEN ANNE
      MAGNOLIA
         SEE PAGE 21                                                                                                                                                                            2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   19
KING COUNT Y

                                                                                     EXISTING APARTMENT INVENTORY: 9,272 UNITS

                                                                                     Construction                                                  Approved                                In Review                                            Total Pipeline                                                                                Microhousing Pipeline                                                                                                                                                        APARTMENT

     University District                                                             1,610                                                         1,627                                   4,707                                                7,944                                                                                         1,149                                                                                                                                                                        MICROHOUSING*
     & Roosevelt                                                                     17%                                                           18%                                     51%                                                  86% of inventory                                                                              12% of inventory                                                                                                                                                             MIXED*

                                                                                     *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     Big changes are on the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  NE Park Pl

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       55th Ave NE
                                                                                                                                                                                                                                                                                   NE 75th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      ROOSEVELT
     horizon – and in the skyline

                                                                                                                                                                                                                                                       25th Ave NE
                                                                                                                                                                                                                       Ravenna Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          NE 74th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           52nd Ave NE
                                                                                           NE 73rd St                                                                                                                                                                                                                                                                                                                     NE 73rd St

     – for the University District

                                                                                                                                                                                                                                                                                                 30th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                      44th Pl NE
                                                                                                                                                                                                20th Ave NE

                                                                                                                                                                                                                                                                                                                                                                             37th Ave NE
                                                                                                                                                                                                                                                                                                                   NE 70th St                                                                 NE 70th St                                                                             NE 73rd St                                                                       NE 70th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Sand Point Way NE
                                                                                     See Roosevelt inset to
                                                                                      the67th
                                                                                      NE   right
                                                                                              St of this map

     It’s no secret that the University District

                                                                                                                                                                                                                                                                                                               31st Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               91
     faced some headwinds over the past                                                                                                                        NE
                                                                                                                                                                                                                                                                                                                                                                                                                                          NE 65th St                                       57 NE 65th St

     year. However, there was still positive                                                                                                                        Na
                                                                                                                                                                        om                                                                                                                                                                                                                                                                                                                     NE Princeton Way                                                                                          NE 64th S

                                                                                                                                                                                                                                                                                                                                                                                                                                          43rd Ave NE
                                                                                                                                                                               iP
                                                                                                                                                                                       l

                                                                                                                                                                                                                   22nd Ave NE
     movement in 2020 with 500 new units

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            O
                                                                        8th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   be
     coming online and an additional 1,400

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    rli
                                                                                                                  12th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     n
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Av

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     56th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           e
     new units with approved permits.                                                                                                                                                                                                                                                                                                                                                                                                                                              102

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          NE
                                                                                                                                                        E
                                                                                                                                                    N

                                                                                                                                                                                                                                                                                                                                                 34th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                  39th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                               NE 67th St

                                                                                                                                                                                                                                                                     26th Ave NE
                                                                                                                                31

                                                                                                                                                   Pl
                                                                                                                                           en
     The University of Washington is doubling                                                                                   Co
                                                                                                                                   w
                                                                                                                                                   40
                                                                                                                                                                                                                                                                                                                                                                                                                                                         82                                                    254
     down on its footprint, committing to                                                                                                                                                                                                                                                                                                                      10
                                                                                                                                                                                                                                                                                                                                                                                                                                               20 79                                33                                                                            77

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Ave NE
                                                                                                                                                         74
     6,000,000 square feet of expansion to                                                                                                                                                                                                                                                                                                                                                                                                   5th S
                                                                                                                                                                                                                                                                                                                                                                                                                                                  t                                                                                           54
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              165NE 55th St235 131
                                                                                              Roosevelt Way NE

                                                                                           27                                                      90                                                                                                                                                                                                                                                                              NE 5                                                    26

                                                                                                                                                                                                                                        Ra
     create an “Innovation District”, bridging                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Roosevelt 35

                                                                                                                                                                                                                                           ve
                                                                                                                                 Brooklyn Ave NE
                                                                 7th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Princeton
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          52       NE Keswick Dr

                                                                                                                                                                                                                                           nn
                                                                                                                                             59
                                                                                                                                                                         17th Ave NE
                                                                                                        55
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Station

                                                                                                                                                                                                                                             aP
                                                                                                                                                              58
     the campus with the neighborhood. This                                                                                                                                                                                                                                                                                                                                                                                                     26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NE

                                                                                                                                                                                                                                                                                   N
                                                                                                                                                                                                                                                lN
                                                                                                                                                   64

                                                                                                                                                                                                                                                                                    E
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Opens 2021
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Na

                                                                                                                                                                                                                                                                                      Bl

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               47th Ave NE
                                                                                                                                                                                                                                                   E
                                                                                                   49                                                         31

                                                                                                                                                                                                                                                                                        ak
     development, coupled with the long-

                                                                                                                                                                                                                                                                                          el
                                                                                                                                                                   30

                                                                                                                                                                                                                                                                                                                                                               35th Ave NE
                                                                                                                                                                                                                                                                                            ey
                                                                                                                 30                                     26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     139

                                                                                                                                                                                                                                                                                            St
                                                                                                                                                              30                                                                                   182 278
     awaited light rail station opening in 2021,                                                                         47                                         14 NE 50th St
                                                                                                                                                                                                    33 54                            265
                                                                                                                                                         171                                                                      NE 49th St
     continues attracting not only multifamily                                                                    66
                                                                                                                                 180
                                                                                                                                                           129                               80                                                                                                                                                                                            Terrace Dr NE

                                                                                                                                                                                                                                                                                                                                                                                                                                    8th Ave NE
                                                                                            50

                                                                                                                                                                                                                                                                                                        Un
                                                                                                                                                                                                                                                   236
     developers, but office and bio-tech as                                                                                                                              NE 47th St

                                                                                                                                                                                                                                                                                                           io
                                                                                         NE 47th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     EL
                                                                                                                                                                                                                                                                                                                             98

                                                                                                                                                                                                                                                                                                               nB

                                                                                                                                                                                                                                                                                                                                                                                                                40th Ave NE
                                                                                           168

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           au
                                                                                                                                                                                                              32
     well, as there is over 650,000 square feet                                                 100 211

                                                                                                                                                                                                                                                                                                                  ay

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             12th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              re
                                                                                        330                                                                                                75

                                                                                                                                                                                                                                                                                                                     P

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 l
                                                                      110

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Dr
                                                                                                                                                                                                                                                                                                                             lN
                                                                                               201                                                                                                                                                                                                                                                                                           70
     of new office/lab space in planning and                                                        237 345

                                                                                                                                                                                                                                                                                                                               E

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NE
                                                                                                                                                                                                                                         NE 45th St                                                                                                                                                                                                                                     NE 45th St

     review in the University District.                                         19                                                                      U District Station
                                                          52
                                                                                20 NE 43rd St
                                                                                                                                                          Opens 2021                                                                                                                                                                                                                                                                                                                           NE 43rd St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          E
                                                               48                                                                                       224

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          N
                                                                                            200                       402
     The University District will be a much
                                                                                                                                                                                                                                              NE

                                                               43

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Pl
                                                                                 54

                                                                                                                                                                                                                                                                                                                             Franklin Pl NE
                                                                                             200                                                                                                                                                                                                                                                                                             NE 41st St
                                                                                                                                                                                                                                          Rd

     different neighborhood by 2025,

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                en
                                                                   100
                                                                                                                                                                                                                                         ille

                                                                                      34                                        260

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               w
                                                                                                                                                                                                                                        Ore

     and we look forward to watching its                        42

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Co
                                                                                                                                                                                                                                                                                                                                                                                                                                                        43rd Ave NE
                                                               7th Ave NE

                                                                                       NE 41st St
                                                                                                                                                                                                                                d

                                                                 79                                                                                                                                                                                                                                                                                                                           NE 38th St
                                                                                                                                                                                                                             Pen

     transformation.                                             43                        NE Campus Pkwy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               sevelt Way NE
                                                                                       NE Pacific St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         lyn Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                              th Ave NE
20   SIMON | ANDERSON TEAM       2021 APARTMENT MARKET STUDY
KING COUNT Y

                                                                                                                                           EXISTING APARTMENT INVENTORY: 9,161 UNITS

                   APARTMENT                                                                                                               Construction                     Approved                             In Review                     Total Pipeline                                                          Microhousing Pipeline

                   MICROHOUSING*                                                                                                           506                              1,042                                1,880                         3,428                                                                   524                                                                                                                         Queen Anne &
                   MIXED*                                                                                                                  6%                               11%                                  21%                           37% of inventory                                                        6% of inventory                                                                                                             Magnolia
                                                                                                                                           *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

                                                                                                                                                                                                                                                                                                                                                                                                                                                   Queen Anne has many
                                                                                                                                                                                                                                                                                                                                                                                                                                                   NE Park Pl

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               55th Ave NE
                                                                                                                                                                           W
                                                                                                                                                                               Em
                                                                                                                                                   NE 75th St                                                                                                                                                                                                      FREMONT
                                                                                                                                                                                                                                                                                                                                                                                                                                                   faces, some have fared
                                                                                                                                                                                   ers
                                                                                                                                                                                         on
                                                                                                                                                                                              Pl
                                                                                                                                                                                                                                                                                                                                                                  GREEN LAKE
                                                                                                                                                                                                                                                                                                                                                                 WALLINGFORD                                                                       better than others,
                                                                                                               25th Ave NE
                                                           Ravenna Ave NE

                                                                                                                                                                                  Gil
                                                                                          W Emerson St                                                                                                       W Emerson St

                                                                                                                                                                                    ma

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                52nd Ave NE
                                                                                                                                    W Tilden St

                                                                                                                                                                                       nA
                                                                                                                                                                                                                                                                                                                                                                              SEE PAGE 19
                                                                                                                                                                                                                                                                                                                                                                                                                                                   but don’t forget about

                                                                                                                                                                                         ve
                                                                                                                                                                                                                                                                                                                                                              NE 73rd St

                                                                                                                                                                                              W
                                                                                                                                                                                                                                                                                70
                                                                                                  34th Ave W

                                                                                                                                                                                                                                                              W Bertona St
                                                                                                                                                                                                                                                                                                                                                                                                                                                   Magnolia.

                                                                                                                                                                                30th Ave NE
                                                                                                                                                                                                                                                                                                                             87

                                                                                                                                                                                                                                                                                                                                                                                                                         44th Pl NE
                                                                                                                                                                                                                         39
                             Magnolia Blvd W

                                                                                                                                                                       W Dravus St                  W Dravus St
               20th Ave NE

                                                                                                                                                                                                                                                                                    37th Ave NE
                                                                                                                                                                                                                                                  9th Ave W
                                                                            MAGNOLIA                                                                                                                                                                                                                       W Florentia St
                                                                                                                                                                                                                                                                                                                                                                             64
                                               W Viewmont Way W

                                                                                                                                                                                                       NE 70th St                                                                                               NE 70th St

                                                                                                                                                                                                                                                               8th Ave W
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              NE 70th St
                                                                                                                                                     28th Ave W

                                                                                                                                                                                                                                                                                                                                                                                                                                                   West QA, Nickerson, Upper QA,

                                                                                                                                                                                                                                                                                               5th Ave W
                                                                                                                                                                                        W

                                                                                                                                                                                                                                                                                                                                                                              Raye St
                                                                                                                                                                                    ve

                                                                                                                                                                                                                                                                                                                                                                                                                                                   The South Slope, Lower QA and
                                                                                                                                                                                                                       Gil
                                                                                                                       140
                                                                                                                                                                                  eA

                                                                                                                                                                                                                         ma
                                                                                                                                                                                dyk

                                                                                                                                                                                                                                                                           7th Ave W
                                                                                                                                                                                                                                                                                                                        Smith St
                                                                                                                                                                                                                            nD
                                                                                                                                                                                                                                                                                                                                                                                                                                                   Aurora all claim Queen Anne as
                                                                                                                                                                               orn

                                                                                                                                                                                                                         50
                                                                                                                                                                                                                              rW
                                                                            Wmont Way W

                                                                                                                                                                            Th

                                                                                                                          24                                                                                        47
                                                                                                                                                                                                                         167                                                                                                                                                                                                                       home; however, to owners and
                                                                                                                                                                                  INTERBAY                                                                                                                                                        52            Boston St                                                                          residents alike, these micro-markets
                                                                                                                                                                                                   31st Ave NE
                                                                                                                       Clise Pl W

                                                                                                                                                                                                                                                                                                                             325
                                                                                                                                                                                                                                                                                                                                                                                                                                                   vary greatly in rent, vacancy and
                                                                                                                                                                                                                                                                                                                                                                                                                   40
                                                                                                                                                                                                                                                                                                                                                                                  NE 65th St                                                     NEdesirability.
                                                                                                                                                                                                                                                                                                                                                                                                                                                     65th St     Each micro market will

                                                                                                                                                                                                                                                                                       6th Ave W
                                                                                                                                                                                                                                    W Howe St
                                                                                                                                               W Blaine St
                                                                                                                                                                                                                                                                                                                         QUEEN                                                                                      99
                                                                                                                                                                                                                                                                                                                                                                                                                                                   recover at its own pace, simply look
                                                                                                                                                                                                                         14th

                                                                                                                                                                                                                                                                                                                                                                                                                                                   at the map   and you’ll see, if Queen
ao                                                                                                                                                                        Magnolia Bridge
                                                                                                                                                                                                                                                                                                                         ANNE                                                                                                                 NE Princeton Way
                                                                                                                                                                                                                            Ave

                                                                                                                                                                                                                                                                                                                                                                                  43rd Ave NE
  mi                                                                                                                                               W Galer St                                                                                                                                      W Galer St
                                                                                                                                                                                                                                                                                                                                                                                                                            63
                                                                                                                                                                                                                                                                                                                                                                                                                                                   Anne were a pond, be hesitant near
          Pl
                                                                                                                                                                                                                                W
                                                22nd Ave NE

                                                                                                                                                                                                                                               Ol

                                                                                                                                                                                                                                                                                                                                                                                                                                                   the edges at this time.
                                                                                                                                                                                                                                                  ym
                                                                                                                                                                                                                                                 pic

                                                                                                                                                                                                                                                                                                                                                                                                                               O
                                                                                                                                                                                                                                                    Wa

                                                                                                                                                                                                                                                                                                                                                                                                                                be
                                                                                                                                                                                                                                                       y

                                                                                                                                                                                                                                                                                                                                                                                                                                                   Additionally, pay close attention
                                                                                                                                                                                                                                                                                                                               Queen Anne Ave N
                                                                                                                                                                                                                                                          W

                                                                                                                                                                                                                                                                                                                                                                                                                                   r  lin
                                                                                                                                                                                                                                                                                                                                                                                                    Taylor Ave N
                                                                                                                                                                                                                                                                                                                                                                                                                    24                             to the first new apartment

                                                                                                                                                                                                                                                                                                                                                                                                                                       Av
                                                                                                                                                                                                                                                       W                                                                                   36                                         99

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             56th Ave NE
                                                                                                                                                                                                                                                              Me                          W Olympic Pl
                                                                                                                                                                                                                                                                                                                                                                                     65 63                                                         developments in downtown

                                                                                                                                                                                                                                                                                                                                                                                                                                          e
                                                                                                                                                                                                                                                                  rce
                                                                                                                                                                                                                                                                           rP

                                                                                                                                                                                                                                                                                                                                                                                                                                            NE
                                                                                                                                                                                                                                                                                l                                    160 93 167
                                                                                                                                                                                                                                                                                                                                                                   Roy St         125
                                                                                                                                                                                                                                                                                                                                                                                                                                                   Magnolia in a decade. COVID has

                                                                                                                                                                                                                                                                                                                                                                                        5th Ave N
                                                                                                                                                                                                                                                                                                                   100                                            93                                               113
                                                                                                                                                                                                                                                                                                                                                              Mercer St
                                                                                                                                                                                                                                                                                                     65
                                                                                                                                                                                                                                                                                                        169                                                                                                                                        made this a newly desirable, less
                                                                                                                                                                                                                                                                                                                                                  1st Ave N
                                                                                                                                                                                                                                 34th Ave NE

                                                                                                                                                                                                                                                                                                                       39th Ave NE

                                                                                                                                                                                                                                                                                                                                        125 265
                                                                                                                                     26th Ave NE

                                                                                                                                                                                                                                                                                                   W Republican St
                                                                                                PUGET                                                                                                                                                                                                  58 95
                                                                                                                                                                                                                                                                                                    W Harrison St
                                                                                                                                                                                                                                                                                                                              143                                                                                                                  dense market home for many and
                                                                                                SOUND                                                                                                                                                                                                                           66
                                                                                                                                                                                                                                                                                                                                                                                                                                                   we feel bullish about it.
                                                                                                                                                                                                                                                                                                                                                                 2nd Ave N

                                                                                                                                                                                                                                                                                                                          49
                                                                                                                                                                                                                                                                                                                                                  73
                                                                                                                                                                                                                                                                                                                        77

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Ave NE
                                                                                                                                                                                                                                                                                                                                                                                          t
                                                                                                                                                                                                                                                                                                                                                                                     5th S
                                                                                                                                                                                                                                                                                                                                                                             NE 5                                                                                                             NE 55th St
                                                                               Ra
                                                                                  ve

                                                                                                                                                                                                                                                                                                                                                                                                                                                    Princeton
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            NE K
                                                                                          nn
     Ave NE

                                                                                           aP

                                                                                                                                                                                                                                                                                                                                                                                                                   2021 APARTMENT MARKET STUDY                            SIMON | ANDERSON TEAM                           21
                                                                                                                                                    N
                                                                                              lN

                                                                                                                                                         E
                                                                                                                                                                  Bl

                                                                                                                                                                                                                                                                                                                                                                                                                                               E
                                                                                                E

                                                                                                                                                                  ak
KING COUNT Y

                                                                          EXISTING APARTMENT INVENTORY: 9,427 UNITS

                                                                          Construction                                              Approved                                                          In Review                            Total Pipeline                           Microhousing Pipeline                                                                                      APARTMENT

     South Lake Union,                                                    2,094                                                     1,635                                                             4,908                                8,637                                    312                                                                                                        MICROHOUSING*
     Eastlake & Westlake                                                  22%                                                       17%                                                               52%                                  92% of inventory                         3% of inventory                                                                                            MIXED*

                                                                          *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     Construction pipeline

                                                                                                                                                                                                                                                          Fu
                                                                                                                                                                                                                                                             hr
                                                                                                                                                                                                                                                                m
                                                                                 FREMONT

                                                                                                                                                                                                                                                                 an
     slowed, yet overall                                                                                                                                                                                                                                                                            SOUTH LAKE UNION

                                                                                                                                                                                                                                                                                                                                                                                                                        N
                                                                                                                                                                                                                                                                         Av
                                                                                GREEN LAKE

                                                                                                                                                                                                                                                                            e

                                                                                                                                                                                                                                                                                                                                                                                                                     e
                                                                                                                                                                                                                                                                               E
                                                                                                                                                                                                                                                     103

                                                                                                                                                                                                                                                                                                                                                                                                                   Av
                                                                               WALLINGFORD
     development remains                                                                                                                                                                                                                                 126

                                                                                                                                                                                                                                                                                                                                                                                                                    w
                                                                                                     SEE PAGE 19                                                                                                                                    109

                                                                                                                                                                                                                                                                                   Dexter Ave N

                                                                                                                                                                                                                                                                                                                                                                                                                 vie
     robust.

                                                                                                                                                                                                                                                                                                                                                                                                           ir
                                                                                                                                                                                                                                                                                                                                                                                                        Fa
                                                                                                                                                                                                                                                               Harvard Ave E
                                                                                                                                                                                                                                           e   E
                                                                                                                                                                                                                                        Av
                                                                                                                                                                                                                                     ke
                                                                                                                                                                                                                                               88

                                                                                                                                                                                                                                  Ela

                                                                                                                                                                                                                                                                                                                                                                                                   Minor Ave N
                                                                                                                                                                                                                                      50            10
                                                       99                     55                                                                                                                                                                           E Roanoke St
                                                                                                                                                                                                                                                                                   162
                                                                                                                                                                                                                                                                                                                                    Valley St

                                                                                                                                                                                                                                                                                                              9th Ave N
     South Lake Union as a residential                                                                                                                                                                                            207

                                                                               We
                                                                                  st
     apartment market is barely 20 years
                                                                                   lak
                                                                                                                                                                                                                                                                                                                                             218

                                                                                      eA
                                                                                                                                                                                                                                                56       73
     old, yet its inventory of apartment                                                ve                                                                                                                     EASTLAKE

                                                                                                                                                                                                                               5th Ave N
                                                                                          8th
                                                                      De

                                                                                           N
     units begins to rival other well-                                                                                                                                                                                                                                                                                              Mercer St
                                                                        xte

                                                                                              Ave

                                                                                                                                                                                                                                               60
                                                                        rW

                                                                                                                                                                                                                Minor Ave E
                                                                                                  N

     established urban neighborhoods
                                                                          ay

                                                                                                                                                                                                                                      30
                                                                              N

                                                                                                                                                                                                                                                                                                                            Westlake Ave N
     in Seattle. The overall pipeline of

                                                                                                                                                                                                                                                                                                                                                                              Fairview Ave N
                                                                                                                                                                                                                                      113
                                                                    WESTLAKE                                                                         LAKE                                                                     Yal
     units under development and                                                                                                                                                                                                  e

                                                                                                                                                                                                                                                                                                                                                            Boren Ave N
                                                                                                                                                                                                                                      Pl
                                                                                                                                                                                                                                           E
                                                                                                                                                    UNION

                                                                                                                                                                                                                                                                                                                                              Terry Ave N
     construction, once completed,                                                                                                                                                                                                                                                                143
                                                                                                                                                                                                                                                                                                                242

     will nearly double the size of this                                                  59                                                                                                                                                                                                      330

     neighborhood.                                                                                                                                                                                                                                  Harrison St                                                       292                                                                                Harrison St
                                                                                  34 160

     Development continues to
     expand to both the western and                                                  240

     eastern shores of the lake – better
                                                                                                                                                                                                            N

                                                                                           85                                                                                                                                                                                              341          374
                                                                                                                                                                                                           e
                                                                                                                                                                                                        Av

     connecting South Lake Union                                                                                                                                                                                                                                                                          278                                                                                      120
                                                                                                                                                                                                       w
                                                                                             Dexter Ave N

                                                                                                                                                                                                      vie

                                                                                                                                                                                                                                                                                                        John St                                     415
                                                                                                                                                                                                                                                                                                                                                                                                   John St
                                                                                                                                                                                                ir

     Fremont, Wallingford, and the
                                                                                                                                                                                             Fa

                                                                                                                                                                                                                                                                                                                                                                                                                        340

     University District. Although the                                                                                                                                                                                                                                                                                                                                    1,097
                                                                                                                                                                                        Minor Ave N

                                                                                                                                                                                                                                                                                                                                                             432
                                                                                                                                  Valley St                                                                                                                                                                   464                                                                                                        480
                                                                                                              9th Ave N

     great majority of pipeline is still                                                                                                                                                                                                                                                                                                             E Denny Way
                                                        5th Ave N

     under review, thousands of units                                                                                             Mercer St
                                                                                                                                                                                                                                           CAPITOL
                                                                                                                                                                                                                                             HILL
                                                                                                                          Westlake Ave N

     are both underway and permitted
                                                                                                                                                                       Fairview Ave N

                                                                                                               See South Lake
                                                                                                                                                         Boren Ave N
                                                                                                                                           Terry Ave N

     – guaranteeing expansion of                                     Harrison St
                                                                                                              Union inset to the                                                                                                           SEE PAGE 25
                                                                                                                                                                                                                                                                                                                                           BELLTOWN,
                                                                                                              right of this map                                                               Harrison St
     available apartments units in the                              216 60
                                                                                                                                                                                                                                                                                                                                         DOWNTOWN &
     near-term.                                                                                                                                                                                                                                                                                                                         PIONEER SQUARE
                                                                                                            John St                                                                     John St
                                                             154                                                                                                                                                                                                                                                                                        SEE PAGE 23
                                                                                                                                                  E Denny Way

22   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

                                                                                 EXISTING APARTMENT INVENTORY: 15,152 UNITS

           APARTMENT                                                             Construction                              Approved                                              In Review                                  Total Pipeline                                                     Microhousing Pipeline

           MICROHOUSING*                                                         3,721                                     3,386                                                 11,010                                     18,117                                                             47                                                        Belltown, Downtown &
           MIXED*                                                                25%                                       22%                                                   73%                                        120% of inventory                                                  0.3% of inventory                                         Pioneer Square
                                                                                 *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

                                                                                                                                                                                                                                                                                                                                                        Once considered a single

                                                                                                                                                                                  Fairview Ave
                                                                                                             e
                                                                                                                                                                                                       1,050Denny

                                                                                                   Dexter Av
                                           149                                                                    350                                                                        420                                Way
                                                                                                                                                                                                                                                                                                                                                        “downtown” market
             W               60                                                                                                                                       406
              es        1s                     3r
                te        tA                     d
                   rn                                Av                                                622                                                                                             940
                                                                                                                                                                                                                                                                                                      CAPITOL HILL
                                                                     St
                            ve                                                                                                                                                                   383
              105 Ave                                   e
                                                                                 99
                                                                                                                                400
                                                                    e

                                                                                                                                                                                                                                                                                                                                                        – each micro market

                                                                                                                             St
                                                                                                                                                                                                             37 403
                                                                     n
                                                                  Vi

                                                                                                                           rd
                                                                                                                                                                                                                                                ay
Midtown                                                                                                                                                                                                                                                                                                       SEE PAGE 25

                                                                                                                         a
                                                                                                                                                                         90                                                                   eW

                                                                                                                      ch
                                                                                                                                                                                           Te                                               iv
                                                                                                                                                                                              r                                        Ol

                                                                                                                    an
                                                                                                                                                   8t                                            ry 428
                                                                                                                                                                                                                                                                                                                                                        adjacent to downtown
                                                                                                          400

                                                                                                                  Bl
                                                                                       285                                                              h                                          Av
                                                                            112                          5t                                                 Av 569                                    e

                                                                                                                                     Westlake
                                                                                  212                        h                                                e
                                                                         St

                                         186                                                       Av
                                                                                               323 119                                                                                                     400
                                                                          156
                                                                     ry

                                                                                                      e
                                                                                                                                                                                                                                       St
                                                                                                                                                                                                                                                                                                                                                        continues to define itself.
                                                                    tte

                                                                                 59
                             St

                                                                                                       332                                                                                                                         e
                                                                                                                                                                                                                               Pin
                                                                  Ba

                                                            180
                        ay

                                                                                                             463
                        Cl

                                                                                 180                                                                    250

                                                                                                                                              Av
                                                                                                                458
Belltown                                                                                                                                                                                          494

                                                                                                                                                                  7th
                                     St

                                                                                                                                         e
                                                                           59                                      435
                                    e

                                               El

                                                                                                                                                                            Av
                                     n

                                                 lio                                                    222 459
                                  Vi

                                                                                                                     233                                                                                                  St

                                                                                                                                                                               e
                                                      tt                                                                                                                                                              e
                                                         Av
                                                            e                                                                                                                                                      Pik

                                                                         Ellio                                        50
                                                                              tt Av                         200                                                  49
                                                                                   e

                                                                                                                                                                                 6th
                                                                                                                    St

                                                                                                                                                                                                                                                                                                                                                        To say that downtown Seattle is at
                                                                                                                                                                                  Av
                                                                                                                 rt
                                                                                                                 wa

                                                                                                                                                                                     e
                                                                                                                             498
                                                                                                             e

                                                                                                                                                                    69
                                                                                                                                                                                                                                                                                                                                                        a crossroads in 2021 is a massive
                                                                                                          St

                                                                                                                                                                                 190
                                                                                              St                             442                                                                 St                                                                                                                          CENTRAL                    understatement! Demand drivers –
                                                                                          e                                                                                              ity
                                                                                      Pin
                                                                                                                                                                     iv          ers                                                                                                                                         DISTRICT                   in the form of office occupiers and
                                                                                                                                                                  Un                                                                                               FIRST HILL
                                                                                                                  We

                                                                                                                                                                                                                          7t                                       & YESLER                                                                             apartment renters – are at an all-time
                                                                                                                     s

                                                                                                                                                                                                                                                                                                                             SEE PAGE 26
                                                                                                                                                                                                                               h
                                                                                                                      ter

                                                                                                                                                                                                                                 Av
Downtown                                                                                                                                                                                           t               t
                                                                                                                                                                                                 gS
                                                                                                                        nA

                                                                                                                                                                                                                 nS                 e
                                                                                                                                                                                    r      in
                                                                                                                                                                                                           dis
                                                                                                                                                                                                               o                                                    TERRACE                                                                             low, while both inventory of available
                                                                                                                          ve

                                                                                                                                                                                 Sp
                                                                                                                                                                                                      Ma
                                                                                                                                245                                                                                                                                SEE PAGE 24                                                                          apartment units and pipeline of
                                                                                                                                                                                                                                                         t                                                                                              additional residential units are at an
                                                                                                                                                                                                                                                       sS
                        ELLIOTT                                                                                                                                   St
                                                                                                                                                                                                            1,020
                                                                                                                                                                                                                                            Ja
                                                                                                                                                                                                                                               m   e
                                                                                                                                                                                                                                                                                                                                                        all-time high.
                                                                                                                                                            on
                          BAY                                                                                                                  Ma
                                                                                                                                                  ri
                                                                                                                                                                                                      26               422

                                                                                                                                                                                                                                                                                                                                                        COVID changed the landscape of
                                                                                                                                                                                                                Yesler Way                                                                                                                              urban downtowns, causing renters,
Pioneer Square                                                                                                                                                                                                       80
                                                                                                                                                                                                                                                                                                                                                        developers, and investors to re-think
                                                                                                                                                                 Alaskan Way S

                                                                                                                                                                                                                                                         66
                                                                                                                                                                                                           85
                                                                                                                                                                                                                                                  5th Ave S

                                                                                                                                                                                                                    54
                                                                                                                                                                                                                                            200 205                                                                                                     urbanization. Apartment development –
                                                                                                                                                                                                                                                       160
                                                                                                                                                                                                                                                                       7th Ave S

                                                                                                                                                                                                                                                                                               S Jackson St
                                                                                                                                                                                                                                                                                                            321              120
                                                                                                                                                                                                                                                                                                                                                        especially large-scale, high-rise projects
                                                                                                                                                                                                                                                                                   8th Ave S

                                                                                                                                                                                                                                                                                                                                                        – are years in the making. Near-term

                                                                                                                                                                                                                                                                                                                                   Rai
                                                                                                                                                                                                      S King St                                               54
                                                                                                                                                                                 206                                                                                                                  105
                                                                                                                                                                                                                                                                                                                                                        halted demand, coupled with a massive

                                                                                                                                                                                                                                                                                                                                       n
                                                                                                                                                                                                                                                                                                                                     ier
                                                                                                                                                                                                                                                                                                                                       Av
International District                                                                                                                                                                                                                                                                103                                                               pipeline of apartment development,

                                                                                                                                                                                                                                                                                                                                         eS
                                                                                                                                                                                                                                Se
                                                                                                                                             S Dearborn St                                                                        att
                                                                                                                                                                                            106                                       le
                                                                                                                                                                                                                                             Bl                                                                                                         create a challenging environment in
                                                                                                                                                                                                                                                                                                              Jose Riz

                                                                                                                                                                                                                                                 vd
                                                                                                                                                                                                                                                        S            390
                                                                                                                                                                                                                                                                                                                                                        Seattle’s downtown markets. 2021 is
                                                                                                                                                                                                                                                                                                                  al Bridg

                                                                                                                                                                                                                                                                                                                                                        a pivotal year for Seattle to prove the
                                                                                                                                                                                                                                                                      7th Ave S

                                                                                                                                                        99
                                                                                                                                                                                                                                                                                                                                                        viability of its downtown and adjacent
                                                                                                                                                                                                                                                                                                                                              Po
                                                                                                                                                                                                                                                                                                                    e

                                                                                                                                                                                                                                                                                                                                                 p
                                                                                                                                                                                                                                                                                                                                               lar

                                                                                                                                                                                                                                                                                                                                                        micro markets.
                                                                                                                                                                                                                                                                                                                                                 Pl S

                                                                                                                                                                                                                                        S Royal Brougham Way
                                                                                                                                                                                                                           3rd Ave S

                                                                                                                                SA
                                                                                                                                   tla
                                                                                                                                       nt
                                                                                                                                            ic
                                                                                                                                                   St
                                                                                                                                                                                                                                                                                                                                           2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   23
KING COUNT Y

                                                                EXISTING APARTMENT INVENTORY: 5,906 UNITS

                                                                Construction   Approved                 In Review                         Total Pipeline                                          Microhousing Pipeline                                                              APARTMENT

     First Hill &                                               2,294          853                       2,869                               6,016                                                   215                                                                             MICROHOUSING*
     Yesler Terrace                                             39%            14%                      49%                               102% of inventory                                       4% of inventory                                                                    MIXED*

                                                                *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     First Hill saw numerous                                                                                                                                             50 St
                                                                                                                                                                     E Union

     high-rise towers get out of

                                                                                                                                                                                                                                                11
                                                                                                                                                                                  135                                     60

                                                                                                                                                                                                                                                th
                                                                                                                                                   Su
                                                                                                            t
                                                                                                          nS

                                                                                                                                                                                                                                                 Av
                                                                                                                                                       mm
                                                                                                       nio
     the ground in 2020, marking                                                                                                                                                                           E Seneca St

                                                                                                                                                                                                                                                    e
                                                                                                   U

                                                                                                                                                         it A
                                                                                                                                        St                                        227
                                                                                                                                  ity

                                                                                                                                                             ve
                                                                                                                               ers
     a major milestone for the new                                                                                   Un
                                                                                                                        iv                                           352

     wave of development activity

                                                                                                                                                                                        Bo
                                                                                                                                                                                         yls
                                                                                                                           St
                                                                                                                      ca

                                                                                                                                                                                           ton
                                                                                           9th
                                                                                                                  ne                                 t
                                                                                                                                                   gS
     in the neighborhood.                                                                                       Se                             rin

                                                                                                Av

                                                                                                                                                                                                 Av
                                                                                                                                             Sp

                                                                                                   e

                                                                                                                                                                                                    e
                                                                                                                                                                     Mi
                                                                                7th Ave
                                                                  First Hill

                                                                                                                                                                       no

                                                                                                                                                                                                          Broadway
                                                                                                                                                                           rA
                                                                                            548

                                                                                                                                                                             ve
                                                                                                                9th
                                                                                                                          178

                                                                                                                                          Te
     With 7 other high-rise developments totaling

                                                                                                                                             rr
                                                                                                                     Av

                                                                                                                                              yA
                                                                                                                        e
     over 1,700 units in planning and pre-                                                                                                                                                                                   y

                                                                                                                                                ve
                                                                                                                                                                                                                          Wa
                                                                                                                                                                                                                     es

                                                                                          7th
                                                                                                                          275
                                                                                                                          275
                                                                                                                          275
     construction, First Hill continues its growth in                                                                                                                                                       am
                                                                                                                                                                                                          EJ
                                                                                                                                                                                                                                                                                  CENTRAL

                                                                                           Av
                                                                                              e
     not only height but also nearly doubling its unit                                                                287 St
                                                                                                                         ai
                                                                                                                                                        486
                                                                                                                                                                                                                                                                                  DISTRICT
                                                                                                                   lu  mb                                                                                        107
     count. This study does not track affordable                                                                Co
                                                                                                                     77                                                                                                                                                           SEE PAGE 26
                                                                                                                                                                                          328       t
     housing, however it is worth noting a 17-story,                                                                                                                                             onS                                        19

                                                                                                                                                                                                                               10th Ave
                                                                                                                                                                                             rs
                                                                                                                                                                                         ffe
     365-unit affordable housing project at 1400                                                                 43        204                                                      Je
                                                                                                                                                                                                                                          E Terrace St
     Madison was recently approved and is now                                                                                        St                                                       ce
                                                                                                                                                                                                     St
                                                                                                                            me
                                                                                                                               s                                                           rra
     under construction. Expect First Hill to continue                                                                    Ja
                                                                                                                                                         rso
                                                                                                                                                             nS
                                                                                                                                                               t                        Te
                                                                                                                                                     ffe
     its transition from a collection of stark medical

                                                                                                                                                                                                            Bo
                                                                                                                                                  Je

                                                                                                                                                                                                                re
                                                                    Yesler

                                                                                                                                                                                                                                                                      12th Ave
                                                                                                                                                                                                  350                                 112

                                                                                                                                                                                                                  nA
     buildings into a place-making neighborhood                    Terrace

                                                                                                                                                                                                                    ve
     with resident amenities abound.                                                                                                                                      t
                                                                                                                                                                                                                                                         103
                                                                                                                                                                        rS
                                                                                                                                                                      de                                                                                92
                                                                                                                                                                   Al
     The microhousing unit pipeline in First Hill and
     Yesler Terrace doubled since last year, yet the               BELLTOWN,                                                                                                                                                              261
     product type is still under-represented. Expect             DOWNTOWN &                                                                        Yesler Way                                                                                   E Yesler Way

     developers to continue to increase the number              PIONEER SQUARE
                                                                                                                                                                                  8t
                                                                                                                                                                                   h

                                                                                                                                                                                                                                                        Bo
     of small units in their projects in order to cater                                                                                                                             Av

                                                                                                                                                                                                                                                         re
                                                                       SEE PAGE 23                                                                                                                                                                      335
                                                                                                                                                                                       e
                                                                                                                                                                                  354        200

                                                                                                                                                                                                                                                            n  Av
     to the high number of students and medical                                                                                                                                                                                            215

                                                                                                                                                                                                                                                                  e      S
     workers that desire simplicity and affordability
                                                                                                                                                                                                                                                                            160

                                                                                                                                                                                                                                                         12th Ave S
                                                                                                                                                                                                                     258
     over luxury.
                                                                                                                                                                                             S Jackson St

24   SIMON | ANDERSON TEAM       2021 APARTMENT MARKET STUDY
KING COUNT Y

                                                                                                                                                                                                EXISTING APARTMENT INVENTORY: 15,335 UNITS

                                                         APARTMENT                                                                                                                              Construction                                          Approved                                       In Review                           Total Pipeline                                                  Microhousing Pipeline

                                                         MICROHOUSING*                                                                                                                          337                                                   1,032                                          2,630                               3,999                                                           858                                                 Capitol Hill
                                                         MIXED*                                                                                                                                 2%                                                    7%                                             17%                                 26% of inventory                                                6% of inventory
                                                                                                                                                                                                      *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

                                                                                                                                                                                                                            Volunt
                                                                                                                                                                                                                                   eer Park
                                                                                                                                                                                                                                                       Rd
                                                                                                                                                                                                                                                                                                   See North Capitol Hill &                                         NORTH CAPITOL HILL &                                                                    Warren Buffett says be
                                                                                                                                                                                                                                                                                                   Madison Park inset
                                                                                                                                                                                                                                                                                                                                                                    MADISON PARK                                                                            fearful when others are
                                                                                   Belmont Pl E

                                                                                                                                                                                                                                                                                                   to the right of this map

                                                                                                                                                                                                                                                                                      15th Ave E
                                                                                                                                        Broadway E

                                                                                                                                                                                                                                                                                                                                                                                                                                     MADISON
                                                                                                                                                                                                                                                                                                                                                                                                                                                            greedy, and greedy

                                                                                                                                                                                                                                                                                                                                                                                                 22nd Ave E
                                                                                                                                                                                                                                                                                                                                        18th Ave E

                                                                                                                                                                                                                                                                                                                                                                      20th Ave E
                                                                                                                                                                                               11th Ave E
                               47
                                                                                                                                                                                                                                                                                                                                                                                                                                      PARK 14

                         evu
                              eP
                                      lE                                                                                                                                                                                                          E Aloha St                                                                                                                                                                                                when others are fearful.
       Bell                                                                                                                                                                                                                                                                                                                                                                        39
                  61
                                                                                                                               38
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Warren Buffett would find

                                                                                                                                                                                                                                                                                                                 17th Ave E
                                                                                                                                                                               14
                                                                                                                                                                  21
                                                                                                                                               38

                                                                                                  E Roy St
                                                                                                                                                                                                                                                                                                                                                                                                                                                            opportunities abound in
                                                                                                                                                                                                                                            20
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Capitol Hill right now.
                                                                                                                                                                                          58                                                                                     68
                                                                                                                                                                                                                                                                                                                                                                     See magnified section
                                       Bellevue Ave E

                                                                                                                                                                                                                    12th Ave E

                                                                                                                                                                      36                  58
                                                                                                                                                                                36               40
                                                                                                                                                                                                                                                                                                                                                                     to the left of this map
                                                                                                                                                                                                                                                                                                                                                                                                                               CENTRAL
                                                                    48
                                                                                        E Republican St
                                                                                                                                                                                                                                                                                                                                                                                                                               DISTRICT                     Last decade Capitol Hill made
                                                                                                                  60
                                                          Summit Ave E

                                                                                                                                                                                118
                                                                                                                                                                                                                                                                  Malden Ave E

                                                                                89
                                                                                                                                                                                                                                                                                                                                                                                                                                                            national news for its robust rent
                                                                                                                                                                  10th Ave E

                                                                 19                                                                                                                                                                                                                                                                                                                                                            SEE PAGE 26
                                                                                                                                                                                                                                                                                                                                                                                                                                                            growth and development pipeline,
                               45                   20                                                                                                                              34
                                                                                                                                                                                                            41
                                                                                                                                                                                                                                                                                                                                                                                                                                                            leading Seattle’s stratospheric rise
                                                                                                                                                                                                            56
                         30                                                        34                                                                                                                                                                                                                                                                Coryell Ct E                                                                                           as a newly minted gateway city. Then

                                                                                                                                                                                                                                                                                                                                                                                                               23rd Ave
                              E Thomas St                                                                             70                90                                                     86
                                                                                                                                                     Broadway E

                                                                                                                                                                                                             22                                                        450
                                                                                                                                                                                                                                                                                                                                                                    E Th
                                                                                                                                                                                                                                                                                                                                                                          om                                                                                COVID came, add a few weeks of
         Melrose Ave E

                                                                                                                                                                                                                                                                                                                                                                                   as S
                                                                                                                                                                                                                                                                                                                                                                                       t
                                                                                                                                                                                    22
                                                                                                                                                                                                                                                                                                                                                                                                                                                            CHOP and it’s been in the doghouse
                                                                                                                       Harvard Ave E

                                                                                                                                                                                                                                                                                                                                                                                                              31
                                                                                                                                                                                                                                                  E John St                                                                                                                                                               17
                                                                                                                                                                                                                                                                                                                                                     47
                          167
                                                                                                                                                                                         188
                                                                                                                                                                                                                                                                                                                                                                                                                                                            since.
                                                                         171                                                                                                    213                                                                                                                                                                                                             43
                               E Loretta Pl                                                                                            93                                                               18                                                                                                                                                                           29

                                                                                                                                        50                           E Denny Way                                                                                                                                               26
                                                                                                                                                                                                                                                                                                                                                                                           47                                                               Apartment owners are soured by
                                                                                                                                                                                                                                                       14th Ave

                                                                                                                                                                                                                                 21
                                                                                                                                                                                                                                                                                                                               31                                                                                                                           2020, but as Live-Work-Play returns,
                                                                                                                                                                                                                                                                                                               17th Ave
          Melrose Ave

                                                                                                                                                                                                                                                                                                                                                                                                                                                            Capitol Hill will remain at the heart
                                         ay

                                                                          Belmont Ave

                                                                                                                                                                                         E Howell St
                                       eW

                                                                                                                                                                                                                                                 33               15
                                                         41                                                                                                                                                                                                                                                                                                                                                                                                 of the region’s resurgence; and for
                                  liv
                               EO

                                               50
                                                                                                                                                                                                                                                                                                                                                                                                                                                            the first time providing a light rail
                                                                                                                                                                                                                  69
                                                                                                  Boylston Ave

                                                                                                                                                                                                                                                                                                                                                                                                                                                            connection between Seattle, Bellevue,
                                                                                                                                                                                                                 12th Ave
                                                                                                                                                      Broadway

                                                                                                                                                                                                                                                                                 15th Ave

 Yale Ave                                                                                                                                                                                                                                                                                                                          St
                                                                                                                                                                                                                                                      79                                                             dis
                                                                                                                                                                                                                                                                                                                              on                                                                                                                            and Redmond. The value proposition
                                                                                                                                                                                                                                                                                                              EM
                                                                                                                                                                                                                                                                                                                 a                                                                                             CENTRAL
                                                                                                                                                                                                                                  E Pine St
                                                                                                                                                                                                                                                                                                                                                                                                               DISTRICT                                     is low during a pandemic, but it won’t
                                                                                                                                                                                           11th Ave

                                                                                                                                                                                                                                 80
Mi

                          53                                                                                                                                                                                                                                                                                                                                                                                                                                be long, and then expect the young
  no

                                                                                                                                                                                                                                                                                                         48
                                                                                                                                                                                                                                                                                                                                                                                                                   SEE PAGE 26
  rA

                                                                                                                                                                                                                                                 38
                                                                                                                                                                                                                                                                                                                                                                                                                                                            renter-set itching to get back in the
    ve

                                                                                                                                                E Pike St
                                                                         93
                                Bellevue Ave

                                                                         57
                                                                                                                                                                                                                                                                                                                                                                                                                                                            “scene”, any they’ll know where to
                                                                                                                      128
                                                                                                                                                                                                                                                                                                                                                                                                                                                            go… Capitol Hill!
                                                                                                                                                                                                                                      13th Ave

                                                                                                                 51
                                                                                                                                                                                                                                                           E Union St

                                                                                                                                                                                                                                                                                                                                                                                                                                             2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   25
KING COUNT Y

                                                                EXISTING APARTMENT INVENTORY: 2,309 UNITS

                                                                Construction   Approved              In Review                            Total Pipeline                                         Microhousing Pipeline                                                                    APARTMENT

     Central District                                           731            818                   2,013                                   3,562                                               276                                                                                      MICROHOUSING*

                                                                32%            35%                   87%                                  154% of inventory                                      12% of inventory                                                                         MIXED*

                                                                *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     Seattle’s next hot                                                                                                                                                                                                        82

     neighborhood.

                                                                                                                                                                                                                                                 32nd Ave E
                                                                                            CAPITOL HILL
                                                                                                      SEE PAGE 25
                                                                                                                                                                                                E John St

                                                                                                                                                                           46
                                                                                                                                                                                                                                                              E Denny Way
     It wasn’t until the last decade that
     Capitol Hill competed for renters
     with the Central District. Yet, now                                                                                    St
                                                                                                                       on
     the Central District is competing                                                                       a   dis
                                                                                                          EM
     stride-for-stride with Capitol Hill in                                                                                                                    200 107
                                                                                                                                                                                               E Union St
     attracting both new retail concepts                                                                                                                           434

                                                                                                                                                                                                                                                              34h Ave
                                                                                                      126

                                                                                                                                      18th Ave
     and apartment renters alike. With
     nearly 20% of its development                                                                   34

                                                                                                                                                                                                   Martin Luther King Jr Way
     pipeline under construction, the                             FIRST HILL

                                                                                          12th Ave
     Central District is moving quickly                           & YESLER                                                                  E Cherry St
                                                                                                                                                                  110
                                                                                                                                                                                   90
                                                                                                                                                                                        36

     to establish itself as its own sought-                        TERRACE                                                                                28

                                                                                                                                                               23rd Ave Corridor
     after neighborhood.                                           SEE PAGE 24                        56    40

     As its name implies, easy access                                                                                             29
                                                                                             369
     to job centers in both downtown                                                                         42                                  76
     Seattle and the Eastside, make the                                                       268
                                                                                                                                                                                             E Yesler St
                                                                                                                        285            244
     Central District a natural market for
     continued growth. The East Union                                                                                                                                                                                                                                                       LAKE
                                                                                                            S Jackson St 161                                                                                                                                                             WASHINGTON

                                                                                                                                                                                                                                    31st Ave S
     Retail District forming along E. Union                                                                                      30
     from 20th Ave to 25th Ave continues                                                                          206 13
     to define the neighborhood’s
                                                                                                                                                                      23rd Ave S
     sense of community, history, and

                                                                                                                                                                                                                                                                        Lakeside Ave S
     transformation.                                                                                                              396

                                                                                                                                                                                                                                    17

26   SIMON | ANDERSON TEAM       2021 APARTMENT MARKET STUDY
KING COUNT Y

                                                             EXISTING APARTMENT INVENTORY: 5,949 UNITS

            APARTMENT                                        Construction        Approved   In Review                           Total Pipeline                               Microhousing Pipeline

            MICROHOUSING*                                    743                 478        1,981                               3,202                                        474                                              West Seattle
            MIXED*                                           12%                 8%         33%                                 54% of inventory                             8% of inventory
                                                             *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

                        40
                             65
                                                                                                                                                                                                                             Who could have
                                                                                                  WEST SEATTLE JUNCTION
                                                       ELLIOTT BAY                                                                                                                               135                         predicted the West Seattle
                                                                                                                                                                                  SW Avalon
                                  8
                                           15                                                                                                                                      Corridor                                  Bridge would break,
                                                                                                                                                                                                                             adding an extra level

                                                                                                  California Ave SW
                                                                                                                                                                                                 7

                                                   142                                                                                                                                      100                              of inconvenience to an
                             49
11
                                                                                                                                                                                                 87
                                                                                                                                                                                                         44                  already challenging 2020?
     ALKI
                                                                                                                                                                                           110
                                                       135
                                                                                            The Junction                                                                                         71
                                                              West Seattle Bridge                                                                                                     35

                                                                                                                      77
                                                                                                                                                                                                      SW Genesee St
                                                                36
                                                                                                                                                              494                                                            Despite the numerous challenges that
                                                                                                                                                              273
                               See West Seattle                                                              58                                         110                                                                  2020 brought, West Seattle’s apartment
                                                                                            38
                             Junction inset to the                                                                                                                                                                           development pipeline remained
                               right of this map
                                                                                                                                                                                                                             resilient, as both the number of projects

                                                                                                                                                                    35th Ave SW
                                                                                                                                                SW Alaska St
                                                                                                                                               306
                                                                                                                                                        51                                                                   under construction and projects
                                                                                                 82
                                                                                                                                                                                                                             approved increased by nearly 10% year-
        SEAVIEW
                             35
                                                                                                                           22        56                                                                                      over-year. This clearly demonstrates that
                                      10
                                                                                                                                     27                                                                                      developers who already have projects
                                      36                                                                                                                                                                                     in process believe in West Seattle as a
                                                                                                                                                                                                                             long-term market. However, there was
                                                                                                                                                                                                                             a decrease in new projects proposed,
                                                                     58                                                                                                                                                      evidencing a wariness of new entrants
                                                                                                                                          39th Ave SW

                                                               DELRIDGE
                                                                                                                      45
                                                                                                                                                                                                                             in the market in 2021.
                                                                                                                                                                                                       SW Brandon St
                                            124
                                                                                                                                                                                                                             Expect development activity to pick up
                                                                                                                                                                                                                             as the bridge gets close to opening in
                                                                                                                                                                                                                             2022. With time, expect West Seattle
                                                                                                                                                                                                                             to return to its pre-COVID strength and
                                                                     32                                                                                       SW Juneau St                                                   renters choosing it as one of Seattle’s
                                                                           32
                                           24     40                 21
                                                               66
                                                                            59
                                                                                                                                                                                                                             best close-in urban neighborhoods.
                                                                      70

                                                                                                                                                                                                                2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   27
KING COUNT Y

                                                               EXISTING APARTMENT INVENTORY: 3,140 UNITS

                                                               Construction   Approved      In Review    Total Pipeline          Microhousing Pipeline                             APARTMENT

     South Seattle                                             796            2,362         5,285        8,443                   2,105                                             MICROHOUSING*

                                                               25%            75%           168%         269% of inventory       67% of inventory                                  MIXED*

                                                               *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     The future Seattle-to-
     Eastside connection
     has South Seattle                                                                                                                                                      MERCER
     developers dreaming                                                                                                                                                    ISLAND
     of tech workers                                                                                    See Mount Baker inset
                                                                                                          on the next page
                                                                                                                                                                            SEE PAGE 30

     moving south.
                                                                                                                                                                    LAKE
                                                                                                                                                                 WASHINGTON
                                                                                             BEACON
                                                                                               HILL
     As Seattle continues to grow,
     no amenity is more valuable to
                                                                                                                   See Columbia City inset
     residents than connectivity. Much                                                                                on the next page
     like the connectivity from San
     Francisco along the tech corridor                                                                                                              RAINIER
     to Palo Alto / Silicon Valley, the                                                                                                             VALLEY
     Bellevue and Redmond Tech light
     rail expansions opening in 2023                                                          GEORGETOWN
                                                                                                                                  211 53
     will Seattle to the Eastside in less
                                                                                                                                   176
     than 30 minutes.                                                                                                               200 400
                                                                                                                                    213 79
     The imminence of light rail is                                                                                                                      32
                                                                                                                                                          186
     resulting in a flurry of development,                                                                                                               57

     specifically in South Seattle                                                                                                       236
     neighborhoods directly on the                                                                                                             30
                                                                                                                                                    42
     light rail line. We are seeing                                                                                                                             306
                                                                                                                                                                      70

     neighborhoods like Mount Baker,                                      SOUTH KING                                                                                   31

     Columbia City, and Othello flourish                                      SEE PAGE 36
     with development due to their
     proximity to light rail.

28   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

MOUNT BAKER                                                                                                                                                                COLUMBIA CITY

                                                                                                 CENTRAL
                                                                                                 DISTRICT                                                                                                                                                                                    La
                                                                                                                                                                                                                                                                                                  ke

                                                                                                                                                                                                                                  38th Ave S
                                                                                                                                                                                                                                                                                                       W
                                                                                                     SEE PAGE 26                                                                                                                                                                                        as
                                                                                                                                                                                                                                                                                                             hi
                                                                                                                                                                                                                                                                                                                  ng
                                                                                                                                                                                                                                                                                                                       to
                                                                                                                                                                                                                                                                                                                            n
                                                                                                                                                                                                                                                                                                                                Bl
                                                                                                                                                                                                                                                                                                                                     vd
                                                                                                                                                                    80
                                                                                                                                                                                                    26                                                                                                                                    S
                                                                                                                                                                     82
                  15th Ave S

                                                                                                                                                                    Ma
                                                                                                                                                                                                              226

                                                                                                                                                                     rt i n
                                                                                                                                                                                                                        51

                                                                                                                                                                                                         Rainie
                                                                                                                                                                         Lu t
                                                                                                                                                                                                                                                                           S Genesee St

                                                                                                                                                                          her
                                                                         158

                                                                                                                                                                                                           r Av e
     134                                                 46

                                                                                                                                                                              Kin
                                                                   61     271 298

                                                                                                                                                                                                              S
                                                                                                                  Martin Luther King Jr Way S

                                                                                                                                                                                gJ
     26 43                                                              186 202

                                                                                                                                                                                                                                                              42nd Ave S
                                                                                                                                                                                                              27

                                                                                                                                                                                rW
                                                S Holgate St                 177
                                                                                                38

                                                                                                                                                                                  ay
                                                               200      50
                                                                             23             136 94                                                                                             S Alaska St

                                                                                                                                                                                     S
                                                                                                                                                                                                                                               32
                                                                                           95                                                                                             42                                 73
                                                                                                 93
Be

       15                                                                128
ac

                                                              37                                                                                                                     88
 on

                                                                               270
                                            S College St
     Av
      eS

                                                                                                                                                                                                 100

                                                                                                                                                                                                                                                             24
                                                                                   23rd Ave S

                                                                                                        Ra

                      103
             67
                                                                                                         ini

                                84                                                                                                                                                                                                                  104 73                                                                                    93
                                                                                                                                                                                                                        45
                                                                                                          er

                  37                 80
                                                                                                                                                                                                                                                             85

                                                                                                                                                                                                                                                                                                                        48th Ave S
                                                                                                                                                                                                                                                    120
                                                                                                             Av

                                                                                                                                                                                                   14
                                                                                                                                                                                                         52
                                                                                                               eS

                                          140

                                                                        S McClellan St                                                                                                                                                                                          28
                                                                                                                                                                                                                                                                           52
                                                136

                                                                                                                                                                                                                             S Orcas St
                                                                                                                                                164
                                                                                                                                                                                                        271
                                                         S Hanford St
                        15th Ave S

                                                                                                                                                  33           25                                                  55
                                                                                                                                                156
                                                                                                                                                        106
                                                                                                                                                35 43

                                                                                                                                                                                                                                                                                44th Ave S
                                                                                                                                        45

                                                                                                                                                              69
                                           S Spokane St
                                                                                                                                                                    S Graham St

                                                                                                                                                                                                                             113
                                                                                                                                                                                                                                  118

                                                                                                                                                                                                   2021 APARTMENT MARKET STUDY                                                              SIMON | ANDERSON TEAM                                 29
KING COUNT Y

                                                               EXISTING APARTMENT INVENTORY: 9,962 UNITS

                                                               Construction    Approved      In Review           Total Pipeline               Microhousing Pipeline                                                                             APARTMENT

     West Bellevue &                                           614             215           6,472               7,301                        0                                                                                                 MICROHOUSING*
     Mercer Island                                             6%              2%            65%                 73% of inventory             0% of inventory                                                                                   MIXED*

                                                               *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     Location, Location,
     Location: West Bellevue
     remains the hottest
                                                                                                                                              104

                                                                                                                                               102      138
                                                                                                                                                      103
     submarket in the Puget                                                                                                       NE 8th St
                                                                                                                                              1,940
                                                                                                                                                        330
                                                                                                                                                                                             263

     Sound area.
                                                                                                                                                                               1,289      562
                                                                                                                                                                                                              100       Bellevue Downtown
                                                                                                                                                        220                                                             Station Opens 2023
                                                                                                                                                                                   100 165         140
                                                                                                                                                                         77         326                    57
                                                                                                                                                        144                                     336
                                                                                                                                                                              93                                  145
                                                                                                                                                                                     88               190
                                                                                                                                                                                          Main St                                         EAST KING

                                                                                                                                                            Bellevue Way SE
                                                                                                                                                                                    125
     As the downtown Bellevue skyline                                                                                                                                                                                                         SEE PAGE 35
     quickly transforms to rival that of                                                                                                                                                  East Main Station
     Seattle, developers are racing to                                                                                                                                                      Opens 2023
     find any undeveloped land left east
                                                                                 LAKE
                                                                              WASHINGTON

                                                                                                                                                                                                       112th Ave SE
     of Lake Washington. With a massive
     pipeline of office space – upwards                                                                                                          WEST
     of 10,000,000 square feet and                                                                                                             BELLEVUE
     thousands of apartment units (plus
     a future light rail station), we expect

                                                                                                                                                                                                                               118th Ave SE
     quick absorption and continued
     rental rate growth for apartment units
     in downtown Bellevue.
                                                                                Mercer Island Station
     Challenges faced by Seattle in 2020,                                          Opens 2023
     combined with Big Tech’s expansion
     eastward, is transforming Bellevue into
                                                                     MERCER
     the crown jewel of the Puget Sound                              ISLAND            164
                                                                                                                                                                                     South Bellevue Station
                                                                                              Island Crest Way

     investment market. The ecosystem of                                                                                                                                                 Opens 2023
     both demand and development in
     Bellevue nearly guarantees a robust
     future for this once sleepy bedroom
     community. Pricing is sky-high, yet so
     are the opportunities.

30   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

                                          EXISTING APARTMENT INVENTORY: 8,203 UNITS

 APARTMENT                                Construction                  Approved       In Review         Total Pipeline                 Microhousing Pipeline

 MICROHOUSING*                            394                           0              2,018             2,412                          0                                     Kirkland, Juanita
 MIXED*                                   5%                            0%             25%               29% of inventory               0% of inventory                       & Totem Lake
                                             *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

                                                                                                                                                                              With restrictive zoning

                                       NE 120th Pl
                                                                                                                                                                              and limited land sellers,
                                                           NE 124th St
                                                                                                                                                                              the Kirkland apartment
                                                                                                   395
                                                                                                                                                                              pipeline hit a three year
                 JUANITA                                                                                                                                                      low – despite developers
                                                                                                                               NE 120th St
                                                                                                    TOTEM LAKE
                                                                                                                                                                              eagerly pursuing new
                     98th Ave NE

          12

                                                                             NE 116th St
                                                                                                                                                                              development.

                                                                                                                                                                              Despite massive growth in the
                                                                                                   130
                                                                                                                                                                              development pipelines in other
                                                                                                                                                                              Eastside markets, Kirkland, Juanita,
                                                                                                                                                                              and Totem Lake’s pipeline slowed
                                                                                                                                                                              considerably this past year. With only
                                                                                                                                                                              400 units under construction and no
                                                                                                                                                                              projects approved to break ground, we
                                                                                                                                                       EAST KING              expect rental rates to climb as supply
                                                             18th St                                                      NE 100th St                  SEE PAGE 35            lags demand.

                                                                                                                                                                              As opportunities for development
                           Market St

                                                                                                                                                                              wane in downtown Kirkland and
                                                                                                                                                                              Juanita, expect apartment developer
                                                                                                                                                                              to continue to push eastwards and
                                                                                                                                                                              northwards – finding additional projects
   LAKE
                                               DOWNTOWN                                                                                                                       in Totem Lake and Rose Hill. Demand
WASHINGTON                                      KIRKLAND                                                         873                             133                          drivers across all Eastside markets are
                                                                                   NE 85th St
                                                                                                                                                                              predicted to remain strong, providing
                                                             70
                                                                  367
                                                                                                                                                                              a further incentive to find development
                                                                    171                                                                                                       opportunities in well-located, and
                                                     141                                                               NE 80th St                                             amenitized neighborhoods.

                                                                                                                                                                2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   31
KING COUNT Y
                                                                                                NORTH        SNOHOMISH
                                                                                                 KING

     SUBURBAN KING
     DEVELOPMENT
     OVERVIEW
                                                                                          URBAN                EAST
     2020 was unsurprisingly a very tough year for apartment investors
                                                                                           KING                KING
     and developers alike across Puget Sound. Predominantly,
     apartment investors and developers fled from Seattle to pursue
     opportunities in suburban King County. There were two main
     factors that led to this suburban flight: renter demand and
     light rail.

     With working from home becoming the new norm and, in some
     cases, the only choice, residents searched for larger units and
     (slightly) lower rent outside of the city. Along with occupancy                                       SOUTH
     rates rising higher outside the city, light rail continues to bring                                    KING
     with it developer demand and new development sites popping
     up along light rail line throughout suburban King.

     East King continues to lead suburban markets when it comes to
     demand for development sites from apartment developers. Yet,
     with light rail lines providing the roadmap for new development
     north, south, and east – all markets will benefit from the push
     towards more transient oriented development (TOD).
                                                                                                  PIERCE

     Suburban King Development Pipeline

                  UNDER CONSTRUCTION: 6,559 UNITS | 7% OF TOTAL INVENTORY

               PLANS APPROVED: 5,072 UNITS | 5% OF TOTAL INVENTORY

                                             IN REVIEW: 21,653 UNITS | 22% OF TOTAL INVENTORY

      TOTAL INVENTORY: 99,456 UNITS

32   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

Suburban King Historical Deliveries & Construction Pipeline by City
                                             INVENTORY AS OF YEAR-END 2009                                         INVENTORY GROWTH: 2010 – 2020                         UNDER CONSTRUCTION

Auburn, Covington &
Maple Valley
                                              5,099 Units                                                             622 Units                     13% INCREASE OVER
                                                                                                                                                        2010 INVENTORY        343 Units                   6%   INCREASE OVER
                                                                                                                                                                                                               2020 INVENTORY

Bothell & Kenmore                                          2,628 Units                                                    1,674 Units               56%                  0 Units

Burien & White Center                         4,123 Units                                                          166 Units                        4%                   0 Units

Des Moines & SeaTac                           4,175 Units                                                           308 Units                       8%                   0 Units

East Bellevue & Newcastle                     8,587 Units                                                                    1,990 Units            27%                    293 Units                      3%

Issaquah                                               2,553 Units                                                       1,401 Units                62%                    535 Units                      15%

Kent                                          11,623 Units                                                                1,448 Units               13%                  157 Units                        1%

North Bend & Snoqualmie                         489 Units                                                          100 Units                        20%                   212 Units                       36%

North Seattle                                 10,290 Units                                                         4,167 Units                      28%                  1,869 Units                      10%

Redmond                                       7,119 Units                                                          3,554 Units                      54%                            1,317 Units            13%

Renton & South Seattle                        11,810 Units                                                                1,446 Units               14%                     681 Units                     6%

Sammamish                                         835 Units                                                        249 Units                        30%                  0 Units

Shoreline                                             2,576 Units                                                      814 Units                    42%                     721 Units                     26%

Tukwila                                                3,017 Units                                                 0 Units                                                210 Units                       10%

Woodinville                                      659 Units                                                                1,424 Units               210%                  261 Units                       12%

Note: Pipeline only includes # of units currently under construction. Projects that are “Approved” or “In Review” are not included in this chart.
Cities not included in this chart saw no deliveries 2010 – 2020 and/or have no units currently under construction.
Source: CoStar
                                                                                                                                                              2021 APARTMENT MARKET STUDY           SIMON | ANDERSON TEAM      33
KING COUNT Y

                                                      EXISTING APARTMENT INVENTORY: 22,149 UNITS

                                                      Construction        Approved                     In Review           Total Pipeline                          Microhousing Pipeline                    APARTMENT

     North King                                       1,979               1,709                        10,519               14,207                                 786                                      MICROHOUSING*

                                                      9%                  8%                           47%                  64% of inventory                       1% of inventory                          MIXED*

                                                      *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     Long awaited light
     rail opens this year,                                                             181
                                                                                            241                                 266
                                                                                                                                                                                           KENMORE                   BOTHELL

     and apartment                                                                          212
                                                                                                                                                                                                                           200
                                                                                                                                                                                                                                 912

     development                                                                            170                         Shoreline
                                                                                                                       North Station                                           LAKE                  522
                                                                                                                       Opens 2024                                             FOREST
     continues to boom.                                                                                                                                                        PARK
                                                                           SHORELINE

                                                                                      330

     It’s no secret, developers                                             1,358                                          35
     love North King. Pockets of                                                       173                                  115
                                                                                                                                166
     developments in Greenwood                                                              99                299 482       213 164
                                                                                                                                                                         16
     and Northgate are planned                                                          100
                                                                                                                  81 209                     65    63                         125
                                                                                                                                                                         73    120
     to take advantage of the                                                                 20                          Shoreline                                       69 130
     Northgate Light Rail Station                                                                                       South Station
                                                                                                                                                                                                       KIRKLAND
     which is set to open this Fall.                                                                                    Opens 2024                                   70                                SEE PAGE 31
                                                                                                                                                                         150 99
     This market continues as one of                                                                                                                               210
                                                                                                                                                                         327 160
     the most sought-after areas in                                                                                                               31                  356 158 50
     the entire Puget Sound Region.                        BITTER LAKE                        156
                                                                                                                                             31
                                                                                                                                                        162
                                                                                                                                                                   130
                                                                                                                                                                       104 46
                                                                                             238

     Greenwood and Northgate are                                                                                                             72                LAKE CITY
     not the only markets receiving                                                                                                     20
                                                                                                                  57        110
     concerted attention from                                                                                                     295
                                                                                                                                        20

     apartment developers. Lake                                             62                65
                                                                                                             30
                                                                                                                            235
                                                                                                                               235

                                                                                                                                409                           21
     City continue to march forward                                                                  Northgate            222
                                                                                        17         Station Opens124
     with nearly 2,000 units planned                                  54    50
                                                                                                        2021
                                                                                                                                        NORTHGATE
     in the coming years and                       GREENWOOD
                                                                                                       19
                                                                                                   83                                                   522
     development sites continue
                                                                     65
                                                                           39
                                                                                 39
                                                                                        30 23
                                                                                                       147                                                                                      LAKE
     to cluster around future light                                  49
                                                                          154
                                                                                297
                                                                                                  27
                                                                                                                                   72                                                        WASHINGTON
                                             194 21                                    70
     rail stations at 145th Ave NE           200
                                                                100 141 203 140                   67

     and 185th Ave NE.

34   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
KING COUNT Y

                                                                   EXISTING APARTMENT INVENTORY: 28,960 UNITS

               APARTMENT                                           Construction                                   Approved                             In Review                                   Total Pipeline                                                                                                                                                               Microhousing Pipeline

               MICROHOUSING*                                       3,654                                          1,371                                7,698                                       12,723                                                                                                                                                                       0                                                                                                                                                                                                                                                                                                                                            East King
               MIXED*                                              13%                                            5%                                   27%                                         44% of inventory                                                                                                                                                             0% of inventory
                                                                   *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64                                                                                                                                                                                                                                                                                                                                                                                                                                                         ond
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Red
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             As Microsoft, Google,
                                                                         NE 100th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NE Novelty Hill Rd

                                                                                                                                                          W
                                                                                                                                                           illo
                                                                                                                                                             ws
                                                                                                                                                                        DOWNTOWN REDMOND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     and Amazon push

                                                                                                                                                                  Rd
                                                                                NE 95th St

                                                                                                                                                                   NE
        176

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              195th Ave NE
                          WOODINVILLE
                                                                       DUVALL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                easterly, the popularity

                                                                                                                                                                                                                                                                                 160th Ave NE
                                                                                                                                                                                                                    154th Ave NE
                                                                                                                                                                                           St
                                                                                                                                                                        NE 90th
                  425
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             of these markets grows

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             196th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                              NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                             Rd
            87       55                                                                                                                                                                                                                                                                                                   109

                                                                                                                                                                                                                                                                                                                                                                                                                                                         le
                                                                                                                                                                                                                                                                                                                                                                                                                                                       da
                                                                      203

                                                                                                                                                                                                                                                                                                                                                                                                                                                       on
                                                                                                                                                                                                                                                            233
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             exponentially.

                                                                                                                                                                                                                                                                                                                                                                                                                                                     Av
                                                                                                                                                                                                                                                                                                       421 93
                                                                                                                                                     Construction
      180
                                                                                                                                                     760

                                                                                                                                                                                                                         154th

                                                                                                                                                                                                                                                                                                                                                                                                                             Avonda
                                                                                                                                                                                                                                                                                                NE 83rd St                                                                                                                                                                                                          l Rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ion Hil
                                                                                                                                                                                                                                                                                                251 214                                                                                                                                                                                  NE Un
                      195

                                                                                                                                                                                                                              Ave NE
                                                                                                                       NE 80th St

                                                                                                                                                                                                                                                                                                                                                                                                                                   le Rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    NE Union Hill Rd
         486                                                                                       132nd Ave NE
                                                                                                                                                                                                                                                                                     88

                                                                                                                                                                                                                                                                                                                                                                                     17
                                                                                                                                                                                                                                                                                                                                       311
                                                                                                                                                     Approved                                                                                                                                                                                                       102

                                                                                                                                                                                                                                                                                                                                                                                                                                                             17
                                                                                                                                                                                                                                                                                                                               164th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                     0th
                                                                                                                                                                            148th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                              8th
                                                                                                                                                                                                                                                                      48

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         185th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                       Pl N
                                                                                                                                      140th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Pl
                      202                                                                                                                            88

                                                                                                                                                                                                                                                                                                                                                                                           E

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    NE
                                                                                                                                                                                                                                                                                     85                                                                             450
                                                                                                                                                                                                                                                                                                                                                                                                                 NE 76th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             With almost 7,000 units total units
                                                                                                                                                     In Review                                                                                                                                                                                Bear Creek Pkwy
                                                                                 NE
                                                                                       70th
                                                                                              Pl
                                                                                                                                                     2,117
                                                                                                                                                                                                                                                                                                                                                                                                                                  425                                                                                                                                                                                                                                                                                        in the pipeline for both Redmond
                             See Downtown
                                                  REDMOND

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        180th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  188th Ave NE
                            Redmond inset to
                            right of this map                                                                                                                                                                                                                                                                                                      Downtown Redmond
                                                                                                                                                                                                                                                                                                                                                                                                                       135
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             and Overlake, these markets look
                                                                                                                                                     Subtotal                                                                                                                                                                                      Link Extension Opens                                                                                                                                                                                                                                                                                                                                                      to become hubs of the East side.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     208th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 NE 65th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               NE 42nd St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            163rd Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                NE 40th St

                                                                                                                                                     2,117
                                                                                                                                                                                                                                                                             NE 39th St                                                                                                                                                                                                                          NE 40th St

                                                                                                                                                                                                                                                                                                                                                           2024

                                                                                                                                                                                                                                             156th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Issaquah and Woodinville are not

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          E La
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           144th Pl NE
                                                                                                                                                                                                                                                                                                                                                                                     NE 38th Pl
                            214

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            ke S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           NE 38th Ct
                                                                               NE 60th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             am
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   36

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             far behind even without the light
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               188th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ma
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          W
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           ay

                                                                                                                                                                                                                                                                                                                      W

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   mis
                                                                                                                                                                                                                                                                                                                       es
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            NE 36
                                                                                                                                    140th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 th St

                                                                                                                                                                                                                                                                                                                          tL

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  156th Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         hP
                                                                                                                                                                                                                                                                                                                           ak

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  E
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             rail connection.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 kwy
                                                                                                                                                                                                                                                                                                                             eS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                N
                                                                                                                                                                                                                                      NE 34th St

                                                                                                                                                                        EAST BELLEVUE / OVERLAKE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           172nd Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Pl
                                                                                                                                                                                                                                                                                                                               am
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           18

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            h
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1st

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          4t
                                                                                                                                                                                                                                                                                                                                        m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Pl

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        20
                                                                                                                                                                                                                                                                                                                                              am
                                                                                                                                                                                                                                                                                                                                                                                                                                                     NE 30                                  NE 31                                                                                                                                                                                                                                                                                                                       NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                            th Ct

                                                                                                                                                                                                                                                                                                                                               ish
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            st W
                                                                                                                                                                                                                                                              NE 31st Pl                                                                                                                                                                                                                                        ay                                   Nest 31st St

                                                                                                                                                                                                                                                                                                                                                       Pk

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     157th Pl NE
                                                                                                                                                                                                                                                                                                                                                              wy
                                                       SAMMAMISH

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 165th Pl NE
                                                                                                                                                                                                                             116th Ave NE

                                                                                                                                                                                                                                                                                                                                                               NE

                                                                                                                                                                                                                                                                                                                                                                                                                                      140th Ave NE
                                                                                                                                                                                                NE 51st
      See East Bellevue /
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Nearly every Eastside market –
                                                                                                                                                                                                             St

                                                                                                                                                                                                                                                                                                            124th Pl NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Pl
      Overlake inset to the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  634
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         NE Turning St                                                                                                                                                                   NE 27th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   h Ave
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        0th                                                                                                                                  Ct
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   16
       right of this map                                   300
                                                                                                                                                                                                                                                                                                                                                      355
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             from Woodinville to Issaquah

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  178t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 263

                                                                                                                                                                                                                                                                                                                                                                                           134th Ave NE
                                                                                                                                                     Construction                                                                                                                                                                      NE 25th Pl
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   NE 26th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          152nd Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        e NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                     NE 29th Pl

                                                                                          202                                                        1,593                                                                                                                                                                                                                                                                                                                                                                                                       294
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             – is garnering the attention of

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    176th Ct NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     181st Av
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         NE 24th St

                                                                                                                                                                                                                                                                                                                                                                                                                      N E
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 443

                                                                                                                                                                                                                                                                                                                                                                                                                   Pl
                                                                                                                                                                                                                                                              120th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             apartment developers and renters.

                                                                                                                                                                                                                                                                                                                                                                                                                  6th
                                                                                                                                                                                                                                                                                                                          NE
                                                                                                                                                                                                                                                                                                                               21st                                                                                                                                                                                                                                                                                                                                                                                                     NE 22nd Ct

                                                                                                                                                                                                                                                                                                                                                                                                                13
                                                                                                                                                                                                                                                                                                                                              Pl                                                                                                                                                                                        NE 21st St
                                                                                                                                                                                                                                                                                                                          402 122
                                                                                                                                                     Approved

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                182nd Ave NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             NE 20th St

                                                                                                                                                                                                                                                                                                                                                                                                                                               397                                                                                                                                                                                                           NE 19th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Look for the strong development
                                                                                                                                                                                                     114th Ave NE

       685
                                                                                                                                                     669                                                                                                                                                                                                                      249                                                                                        Bel-R
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              ed Ro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           ad                                                                                                                                                                                                                                                        NE 18th Pl

                                                                                                                                                                                                                                                                                                                                                               NE Spring Blvd
                                                                                                                                                                                                                                                                                                                                                                               292                                                                                                                         NE 16th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             pipeline to continue well into

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     162nd Ln NE
                                                                                                                                                     In Review
                                                                                                                                                                                                                                                                                                                                   NE 14th Pl

                                                                                                                                                                                                                                                                                                                                                                    172                                   NE 14th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             the future, fueled by the growth

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   164th Pl NE
                                                                                                                                                                                                                                                            420                                                           127

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                E
                                                                                                                                                     1,908

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              ve N
                                                                                                                                                                                                                                                                                                                                                                                                                                                NE 12th Pl

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             of the entire East King economy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          rd A
               293                       101                                                                                                                                                                                                                                  NE 12t
                                                                                                                                                                                                                                                                                                h St                                                                                                                                                                                         NE 11th Pl

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    173
                                            400                                                                                                                                                                                                               East Link Extension Opens 2023
                                                             135
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             and market dynamics that rivaled

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       166th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           N    E
                                                                                                                                                     Subtotal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NE 9th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        wy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     143rd Ave NE
                                                360

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Pk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 NE 8th St
                                                      93                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    NE 8th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ish
        98
                                                                                                                                                     4,170

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                am
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Seattle during the last expansion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            m
                                                                                                                                                                                                                                               NE 6th St

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Sa
346

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 156th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     ke
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       17
                                                                                                                                                                                                                                                                                                                                                                      131st Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   La
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        1s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             cycle.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  148th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  W
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          tP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           164th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             lN
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   NE
                                                                                                                                                                                                                                                                                                                                               128th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              E
       NEWCASTLE                                           ISSAQUAH
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          3rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   St
                                                                                                                                                                                                                                                                       NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Way
                                                                                                                                                                                                                                                             120th Ave

                                                                                                                                                                                                                                                                                                       124th Ave NE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Nup
                                                                                                                                                                                                                                                            202                                                                                                                                                         Main St                        Main St                                                                                                 Main St                                   SE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         143rd Ave SE
                                                                                                                                                                                                                              116th Ave SE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        tS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          t

                                                                                                                                                                        NORTH BEND                                                                                                                                             212
            SOUTH KING                                                                                                                                                                                                                                                                                                                                   128

                 SEE PAGE 36

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2021 APARTMENT MARKET STUDY                                                                                                                                                                                                                                               SIMON | ANDERSON TEAM                    35
KING COUNT Y

                                                                EXISTING APARTMENT INVENTORY: 43,837 UNITS

                                                                Construction         Approved        In Review       Total Pipeline                   Microhousing Pipeline                    APARTMENT

     South King                                                 926                  1,992           3,436           6,354                            37                                       MICROHOUSING*

                                                                2%                   5%              8%              14% of inventory                 0.08% of inventory                       MIXED*

                                                                *DEFINITIONS FOR “MICROHOUSING” & “MIXED” DEVELOPMENTS AVAILABLE ON PAGE 64

     Renton’s rise as a top-tier
     suburban market carries
     South King’s development
     pipeline.                                                                 179                                                                   600
                                                                                                                                                           313 31

                                                                                112                                                                  226
                                                                                                                                                           108                               EAST KING
                                                                                                                                                                                              SEE PAGE 35
                                                                                                             23

                                                                                          509
                                                                                                                   TUKWILA             20
                                                                                                             210                          24
                                                                                                                                               750
                                                                                                                                                     RENTON
     South King County experienced an                                                                       117
                                                                                                                                       30
                                                                                                                                         270
     expansion of its development pipeline                                            BURIEN          220
                                                                                                            610
     by almost 30% year-over-year. Extremely                                                                                                                                         169
     robust rental demand is, coupled with
     little competition from a tepid pipeline                                                                                                                       78
     of new development. We are continuing                                                      SEATAC
     to see rapid growth in apartment market                                                                                       167
                                                                                                     109
     fundamentals in what our team calls the
     “Fertile Crescent”.                                                              DES
                                                                                     MOINES
     Renton, backed with The Landing, Boeing,
     and a strong industrial market, recently                                                                                                                                        MAPLE
                                                                                                            285          KENT                                                        VALLEY
     boomed. From a total of 820 units in                                                                                                                                                        186

     Renton’s pipeline last year to 2,372 units                                                                            157

     this year, the city with connections directly
     to Seattle and the Eastside contains almost                                                                                                                                     1,500

                                                                  PUGET
     40% of the entire South King Counties
                                                                  SOUND                                                                                                  COVINGTON   516
     pipeline.

     Other south end suburban markets many                                                                                                                           18
     not be far behind in establishing their                                                 FEDERAL
                                                                                               WAY
     own development pipelines as apartment
                                                                                                35
     developers look southward for suburban                                                                                             AUBURN
     development opportunities.                                                                                                                                                                   176

                                                                                                                                 166

36   SIMON | ANDERSON TEAM       2021 APARTMENT MARKET STUDY
2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   37
04
SNOHOMISH
   COUNTY
     DEVELOPMENT OVERVIEW
SNOHOMISH
           COUNTY
           This past year was unfortunately one to remember. With our world
           working to deal with the ramifications of COVID, businesses all
           across the Puget Sound closed their doors. Working from home
           didn’t become just an option it became the only option. This meant
           people were now looking for larger apartments at a more affordable
           price. Many people moved from Seattle and Bellevue into areas like
           Lynnwood, Everett, Edmonds, Mountlake Terrace and Snohomish.

           ARLINGTON’S TIME TO SHINE

           We don’t talk much about Arlington but the news of Amazon’s
           new $355M distribution center being built has many apartment
           developers and investors looking closer at the city and surrounding
           area for opportunities. Once opened, the distribution center will
           initially provide over 1,000 jobs. With the news breaking as recently
           as April of this year, it will take time for the market to react, yet keep
           a close eye on Arlington and it’s neighboring cities like as Marysville
           and Lake Stevens for development projects in coming years.

40   SIMON | ANDERSON TEAM      2021 APARTMENT MARKET STUDY
SNOHOMISH COUNT Y

39,863                7,087
TOTAL INVENTORY        TOTAL PIPELINE

                  2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM   41
SNOHOMISH COUNT Y

     SNOHOMISH
     DEVELOPMENT
     OVERVIEW
                                                                              NORTH SNOHOMISH

     In years past, Snohomish County’s development
     pipeline hasn’t gained steam quite as quickly as its
     neighboring counties. However, over this past year                       SOUTH SNOHOMISH
     its development pipeline expanded by nearly 20%.

     Identifying trends with new developments is quite
     easy, simply follow the light rail line. A combination of
     light rail accessibility, work-from-home opportunities,
     and Amazon’s newest footprint all provide for a bright
     future for Snohomish County for years to come.                             KING

     Snohomish Development Pipeline

               UNDER CONSTRUCTION: 1,997 UNITS | 5% OF TOTAL INVENTORY

         PLANS APPROVED: 460 UNITS | 1% OF TOTAL INVENTORY

                            IN REVIEW: 4,630 UNITS | 12% OF TOTAL INVENTORY

      TOTAL INVENTORY: 39,863 UNITS

42   SIMON | ANDERSON TEAM       2021 APARTMENT MARKET STUDY
SNOHOMISH COUNT Y

Snohomish Historical Deliveries & Construction Pipeline by City

                                             INVENTORY AS OF YEAR-END 2009                                         INVENTORY GROWTH: 2010 – 2020                            UNDER CONSTRUCTION

                                                                                                                                                           INCREASE OVER
Arlington                                      428 Units                                                            665 Units                       155%   2010 INVENTORY   0 Units

Bothell                                                    2,819 Units                                               869 Units                      31%                     0 Units

                                                                                                                                                                                                        INCREASE OVER
Edmonds                                                  2,315 Units                                               231 Units                        10%                     192 Units             8%    EOY 2020 INVENTORY

Everett                                       13,985 Units                                                            1,007 Units                   7%                        601 Units           4%

Lake Stevens                                  158 Units                                                            0 Units                                                  195 Units             123%

Lynnwood                                      7,042 Units                                                             1,383 Units                   20%                       690 Units           8%

Marysville                                      799 Units                                                           682 Units                       85%                     0 Units

Mill Creek                                             2,121 Units                                                 180 Units                        8%                      0 Units

Mountlake Terrace                                     1,861 Units                                                  274 Units                        15%                     319 Units             15%

Monroe                                         532 Units                                                           0 Units                                                  0 Units

Snohomish                                     173 Units                                                            0 Units                                                  0 Units

Stanwood                                      241 Units                                                            48 Units                         20%                     0 Units

Note: Pipeline only includes # of units currently under construction. Projects that are “Approved” or “In Review” are not included in this chart.
Cities not included in this chart saw no deliveries 2010 – 2020 and/or have no units currently under construction.
Source: CoStar

                                                                                                                                                              2021 APARTMENT MARKET STUDY      SIMON | ANDERSON TEAM        43
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