Dylan Simon -- Kidder Mathews
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Dylan Simon -- Kidder Mathews
I specialize in the sale of apartment buildings in Seattle and the greater Puget Sound region.  I focus on the sale of both apartment buildings and developable land ranging from $1M to $100M. I am passionate about real estate investment and development, economics, technology and urbanism. Through brokerage I assist apartment investors and developers in achieving the highest possible levels of return and build an advisory relationship that lasts ownership life-cycles instead of just a transaction.
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APARTMENT TECH NEWS: Older apartments need tech too -- how older apartment retrofits help compete in a tech-centric world of renters!

APARTMENT TECH NEWS: Older apartments need tech too -- how older apartment retrofits help compete in a tech-centric world of renters! | Dylan Simon -- Kidder Mathews | Scoop.it
“We’re in the middle of an amenity war, and brand-new properties hold the high ground,” says Sanders, who operates 1,749 apartment units across 11 communities, which are 40 years old on average. “Technology is one area where we can get the upper hand because it’s relatively easy to retrofit units with smart home systems.”

By installing features like smart locks, thermostats, lights, and door and window sensors in those existing units, Sanders has been able to gain her own ground in that amenity war, in the name of higher rents—a bump of 4%, on average, for those units.
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Real Estate Roundtable Survey: Q3 Sentiment Balanced & Stable

Commercial real estate industry leaders continue to see balanced and stable economic market conditions, according to The Real Estate Roundtable’s 2019 Q3 Sentiment Index. The latest survey registered a score of 50, a one-point decrease from the previous quarter. Both the Current-Conditions Index of 53 and Future-Conditions Index of 48 for this quarter remained the same from the previous quarter, reflecting the stabilized real estate market conditions and the overall economy.
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Real Estate Roundtable Survey: Q3 Sentiment Balanced & Stable

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SEATTLE LAND SALE:  Unico sells SLU development site into new venture for $28M, which equates to $1,918 per land square foot -- showing a trend of land inching towards the $2,000 square foot mark!

The north end of the former Pemco headquarters block, at 330 Yale Ave N. in the Eastlake/South Lake Union neighborhood, has sold for $28.3 million, according to King County records.
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SEATTLE LAND SALE:  Unico sells SLU development site into new venture for $28M, which equates to $1,918 per land square foot -- showing a trend of land inching towards the $2,000 square foot mark!

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APARTMENT DEVELOPMENT TECH: Modular May Not Be New, But Its Paybacks

APARTMENT DEVELOPMENT TECH: Modular May Not Be New, But Its Paybacks | Dylan Simon -- Kidder Mathews | Scoop.it

McKinsey & Company released a report in June that shows that modular construction can speed construction by as much as 50%. The research says that in some cases it could also cut costs by up to 20%. It projects that modular construction could claim $130 billion of the market in US and Europe by 2030 and fill a $1.6 trillion productivity gap.

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APARTMENT DEVELOPMENT TECH: Modular May Not Be New, But Its Paybacks

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In IPO filing, WeWork claims it can thrive in a recession as troubling indicator tanks stock market – funneling investment dollars into office space is a "new" recessionary tactic, to say the least

In IPO filing, WeWork claims it can thrive in a recession as troubling indicator tanks stock market – funneling investment dollars into office space is a "new" recessionary tactic, to say the least | Dylan Simon -- Kidder Mathews | Scoop.it
“Not only do we believe our business model mitigates the pressures of an economic recession, we also believe that our model could position us well in a downturn,” according to the filing. “An economic downturn may provide us an opportunity to further scale our platform at more attractive unit economics.
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In IPO filing, WeWork claims it can thrive in a recession as troubling indicator tanks stock market – funneling investment dollars into office space is a "new" recessionary tactic, to say the least

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RECESSION WATCH: What is an ‘inverted yield curve’ and why does it matter? -- Fear in the bond/equity markets good for the CRE markets

RECESSION WATCH: What is an ‘inverted yield curve’ and why does it matter? -- Fear in the bond/equity markets good for the CRE markets | Dylan Simon -- Kidder Mathews | Scoop.it
Investors are spooked by a scenario known as the “inverted yield curve,” which occurs when the interest rates on short-term bonds are higher than the interest rates paid by long-term bonds. What it means is that people are so worried about the near-term future that they are piling into safer long-term investments.
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RECESSION WATCH: What is an ‘inverted yield curve’ and why does it matter? -- Fear in the bond/equity markets good for the CRE markets

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WHERE TO INVEST IN MULTIFAMILY: The Strength Of Workforce Housing As An Investment Class

WHERE TO INVEST IN MULTIFAMILY: The Strength Of Workforce Housing As An Investment Class | Dylan Simon -- Kidder Mathews | Scoop.it
Essentially, workforce housing often appeals to those residents who earn too much income to qualify for subsidized affordable housing accommodations, but not nearly enough to satisfy the necessary income thresholds to purchase a home or rent the luxury apartments that have proliferated in recent years — a segment of the population that is only growing.
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WHERE TO INVEST IN MULTIFAMILY: The Strength Of Workforce Housing As An Investment Class

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PUGET SOUND OFFICE RENT GROWTH: Downtown Seattle Office Rent Growth Now Competing With Eastside Markets -- Bellevue CBD office rent growth bests Seattle

PUGET SOUND OFFICE RENT GROWTH: Downtown Seattle Office Rent Growth Now Competing With Eastside Markets -- Bellevue CBD office rent growth bests Seattle | Dylan Simon -- Kidder Mathews | Scoop.it
Market Stat: Near Term for the Neighborhood Is Still Rocky Though
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SEATTLE APARTMENT SALE: Majestic Bay in Des Moines sells for $18MM -- $222k/unit -- $201NRSF

SEATTLE APARTMENT SALE: Majestic Bay in Des Moines sells for $18MM -- $222k/unit -- $201NRSF | Dylan Simon -- Kidder Mathews | Scoop.it
Seattle, New Standard Equities, Weidner Apartment Homes, Federal Way, Des Moines, Majestic Bay Townhomes, Renton, Lynnwood
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SEATTLE APARTMENT SALE: Majestic Bay in Des Moines sells for $18MM -- $222k/unit -- $201NRSF

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APARTMENT DEVELOPMENT TRENDS: How Innovative Developers Are Finding Ways to Make Projects Work

APARTMENT DEVELOPMENT TRENDS: How Innovative Developers Are Finding Ways to Make Projects Work | Dylan Simon -- Kidder Mathews | Scoop.it
Now more than ever, developers are examining every part of their buildings and their businesses in search of new ideas (or new twists on old practices) that could make projects pencil. Their search for more and better-spent dollars has led to a rethink of everything they do, including whether today’s renter actually wants a home.
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SEATTLE APARTMENT SALE: Continental Properties sells 2nd + John for $39M -- $487,500/unit -- $700/NRSF

The new 80-unit 2nd & John Apartments, at 200 Second Ave. W. in Uptown, have sold for just over $39 million, according to King County records.
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SEATTLE APARTMENT SALE: Continental Properties sells 2nd + John for $39M -- $487,500/unit -- $700/NRSF

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APARTMENT TECH TRENDS:  Technology, Services Drive Apartment Tenant Retention

APARTMENT TECH TRENDS:  Technology, Services Drive Apartment Tenant Retention | Dylan Simon -- Kidder Mathews | Scoop.it
In 2019 for example, one emerging trend is the prioritization of health and wellness amenities within communities. Residents have a choice in the current market, and they will select communities with upgraded gym equipment, fitness classes with trainers, and other wellness-focused offerings.
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APARTMENT TECH TRENDS:  Technology, Services Drive Apartment Tenant Retention

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GSEs REPORT ON MULTIFAMILY LENDING: Multifamily Market Are Growing Faster than Expected -- volume for the entire multifamily origination market could be upward of $20 billion more than 2018’s recor...

GSEs REPORT ON MULTIFAMILY LENDING: Multifamily Market Are Growing Faster than Expected -- volume for the entire multifamily origination market could be upward of $20 billion more than 2018’s recor... | Dylan Simon -- Kidder Mathews | Scoop.it

Volume for the entire multifamily origination market could be upward of $20 billion more than 2018’s record levels. 

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REDMOND APARTMENT DEVELOPMENT: 88-unit apartment building planned in downtown Redmond -- site sold for nearly $100k/unit and $330 land square foot

Total project size, including the parking, is around 145,000 square feet. The 80 parking stalls will be both underground and structured. A retail/commercial bay with about 1,000 square feet will go on the building's south prow, toward Leary Way.
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How the Recession of 2020 Could Happen: Whether you believe so or not -- its good to know the arguments!

How the Recession of 2020 Could Happen: Whether you believe so or not -- its good to know the arguments! | Dylan Simon -- Kidder Mathews | Scoop.it
The freeze-up in business confidence, caused in part by the trade war, could wind up affecting consumer confidence.
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APARTMENT MARKET RESEARCH: Multifamily Midyear Reports Show Good News & Bad News in the multifamily sector

APARTMENT MARKET RESEARCH: Multifamily Midyear Reports Show Good News & Bad News in the multifamily sector | Dylan Simon -- Kidder Mathews | Scoop.it
While the overall rental business is strong, Real Capital Analytics is reporting that the buying and selling of apartment communities was off in May and trending flat for the year. Transaction volume for the month was measured at $11.9 billion, which is a drop of 22% in volume as compared with last year. Real Capital Analytics drills down into building types to reach other conclusions about what’s moving and what’s not.
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APARTMENT MARKET RESEARCH: Multifamily Midyear Reports Show Good News & Bad News in the multifamily sector

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SEATTLE MIXED-USE DEVELOPMENT: Vibrant Cities’ Multi-Mixed-Use Project Serves as Basis for “Pivoting” Design -- including office, apartments & retail

SEATTLE MIXED-USE DEVELOPMENT: Vibrant Cities’ Multi-Mixed-Use Project Serves as Basis for “Pivoting” Design -- including office, apartments & retail | Dylan Simon -- Kidder Mathews | Scoop.it

Pivot is truly mixed use; when complete, the project will include 71 apartment units, 4,500 square feet of retail, including three restaurant and retail spaces, one level of underground parking and 11,000 square feet of office space. Delivery is expected for the fourth quarter of 2020

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SEATTLE MIXED-USE DEVELOPMENT: Vibrant Cities’ Multi-Mixed-Use Project Serves as Basis for “Pivoting” Design -- including office, apartments & retail

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SEATTLE SEDU DEVELOPMENT: 108-Unit SEDU Residential Development in Seattle’s First Hill Neighborhood -- learn move about SEDUs at dylansimon.com

SEATTLE SEDU DEVELOPMENT: 108-Unit SEDU Residential Development in Seattle’s First Hill Neighborhood -- learn move about SEDUs at dylansimon.com | Dylan Simon -- Kidder Mathews | Scoop.it

Seattle has led in the amount of micro-housing developed since 2009. As of the third quarter of last year, Seattle had a total of 6,297 SEDUs, most of which range from between 240 to 320 square feet, according to the report by Jerrid Anderson of Kidder Mathews

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SEATTLE SEDU DEVELOPMENT: 108-Unit SEDU Residential Development in Seattle’s First Hill Neighborhood -- learn move about SEDUs at dylansimon.com

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CLASS A OFFICE DYNAMICS: Office Vacancy Reaches Lowest Level in 18 years in Second Quarter -- occupancy greatest in technology markets

CLASS A OFFICE DYNAMICS: Office Vacancy Reaches Lowest Level in 18 years in Second Quarter -- occupancy greatest in technology markets | Dylan Simon -- Kidder Mathews | Scoop.it
Meanwhile, technology firms continue to be the single biggest occupancy driver, representing 22 percent of all leasing activity in the second quarter, he notes. “As much as growth is broad, there is noticeably unusual growth in a few tech markets,” Anderson adds, citing as examples Seattle, the San Francisco Bay Area and Austin, Texas, which are among top 10 metros for highest office space absorption. “These cities are always ahead of the pack, but this cycle they’re very far ahead.”
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CLASS A OFFICE DYNAMICS: Office Vacancy Reaches Lowest Level in 18 years in Second Quarter -- occupancy greatest in technology markets

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Smart Tech Pays Off for Multifamily Operators -- Residents will pay more for digital amenities -- tech is not just for luxury rental anymore

Smart Tech Pays Off for Multifamily Operators -- Residents will pay more for digital amenities -- tech is not just for luxury rental anymore | Dylan Simon -- Kidder Mathews | Scoop.it

“We are pivoting away from bulk deals on technology services in order to offer more variety. Today, the technology changes so rapidly, the bulk deals can result in obsolete technology in multiple buildings.”

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Smart Tech Pays Off for Multifamily Operators -- Residents will pay more for digital amenities -- tech is not just for luxury rental anymore

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NATIONAL MULTIFAMILY REPORT: Yardi-Matrix releases its 2019 Summer/Mid-Year report, showing high renter-demand and positive rent growth across all segments

NATIONAL MULTIFAMILY REPORT: Yardi-Matrix releases its 2019 Summer/Mid-Year report, showing high renter-demand and positive rent growth across all segments | Dylan Simon -- Kidder Mathews | Scoop.it
Apartments aimed at the middle- and lower-class continue to thrive when it comes to rent growth. New supply is concentrated in the Lifestyle category but the largest demand comes from Renter-by-Necessity. Rents in this segment rose 3.8 percent year-over-year, while Lifestyle hit just shy of 3 percent.
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NATIONAL MULTIFAMILY REPORT: Yardi-Matrix releases its 2019 Summer/Mid-Year report, showing high renter-demand and positive rent growth across all segments

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APARTMENT INVESTMENT DYNAMICS: Multifamily Continues to Rule CRE -- factors leading to successful apartment investments continue to show resilience

APARTMENT INVESTMENT DYNAMICS: Multifamily Continues to Rule CRE -- factors leading to successful apartment investments continue to show resilience | Dylan Simon -- Kidder Mathews | Scoop.it
There are several drivers behind multifamily, few if any of which showing signs of abating. A plateauing homeownership rate, which has remained at 64.3%, low unemployment and millennial attitudes towards homeownership and renting are among these demand drivers. Then there are the Millennials, a group that continues to gravitate towards apartments even as they get older.
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APARTMENT INVESTMENT DYNAMICS: Multifamily Continues to Rule CRE -- factors leading to successful apartment investments continue to show resilience

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ECONOMIC TRENDS: Homeownership Rate Falls, particularly among Millennials --  proves further resilience for apartment investment market

ECONOMIC TRENDS: Homeownership Rate Falls, particularly among Millennials --  proves further resilience for apartment investment market | Dylan Simon -- Kidder Mathews | Scoop.it
According to the Census Bureau’s Housing Vacancy Survey (HVS), the nation’s homeownership rate in the second quarter of 2019 fell to 64.1%, the lowest since the third quarter of 2017. But it is sta…
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SEATTLE CONDO DEVELOPMENT: Minglian buys site on The Ave in Seattle's University District for $5M -- $85k/unit; 59 condos planned and 1,500 SF of retail space

Studio19 Architects has designed a six-story building with 59 units, which Minglian says will be condominiums. Facing The Ave will be 1,500 square feet of retail. Fifteen underground parking spaces will be accessed from the alley to the west.
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SEATTLE CONDO DEVELOPMENT: Minglian buys site on The Ave in Seattle's University District for $5M -- $85k/unit; 59 condos planned and 1,500 SF of retail space

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SEATTLE OFFICE ABSORPTION:  Aggressive Expansions Fuel Seattle Office Market, fundamentals point to sustained economic & job growth

Kidder Mathews points out Seattle has nine major office projects under construction after delivering nearly 1.9 million square feet of new office inventory over the quarter. There are eight or more planned spec projects expected to come on line by early 2020. With job growth expected to continue and a tolerable level of new construction, the near-term outlook for the regional office market remains positive, notes Kidder Mathews.
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