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Renton Real Estate Market Heats Up

In recent weeks several large real estate investment firms have put large chunks of money toward apartments in Renton, the Puget Sound Business Journals reports. 

To put the area's growing real estate value in perspective, Goldman Sacks and Archon group just sold the 325-unit Copper Ridge apartment complex to a California group for more than $36.5 million, 21 percent more than what the same property sold for two years ago. 

Also, last week a Los Angeles based real estate investment firm called TruAmerica Multifamily paid more than $28 million for Montclair Heights, a 174 unit complex in the same neighborhood. 

Several brokers have told the Journal that Renton is in fact a “pretty hot market” at the moment. Some of the factors they accredit this heat to are the increased production in the nearby Renton plant, as well as the escalating rent prices in Seattle’s established suburbs. 

If you can’t seem to land an apartment in Ballard, Capitol Hill or South Lake Union or simply can’t afford them, you may want to keep your eyes peeled for new developments in Renton. ~ Michael Bain

By Michael Bain is an analyst for Better New Homes: