Outside investors' thoughts on buying MF in Washington State?

[Brandon Vukelich]

Curious if any investors (outside WA) are watching or interested in acquiring MF props in the greater Seattle-Bellevue-Tacoma markets.  Are we even on your radar?  There are more than the following points but here are some quick pros/cons that I believe may be factors driving demand or preventing investment.

PROS

- Strong jobs, specifically in tech, Boeing, logistics.

- Strong rent growth/demand.

- Double digit appreciation in prices (when things are good).

- In addition to jobs, we attract many new residents due to access to a wide variety of recreational activities.

CONS

- Increasing number of new laws that favor tenants (top two most anti-landlord cities, IMO, are Seattle and Federal Way).

- When recessions hit or bubbles burst, double digit drops in value (depreciated prices).

- Prices are still a premium, CoC returns initially remain lower than what many average investors hope to achieve.

- Heavy competition.

I'd love to get a sense on investor sentiment on investing in multifamily in Washington State.