SEATTLE — A New York-based real-estate investor group plans to build about 3,000 apartment over the next five years in the Pacific Northwest, including Seattle and Portland, the Seattle Times reported.
Mack Real Estate Group is launching a West Coast affiliate with local partners. The group announced its investment in Mack Urban, a Los Angeles real-estate firm that combines the portfolios of Seattle’s Harbor Urban and Los Angeles’ Urban Partners.
Rent prices in King and Snohomish counties have continued to rise in recent months, despite an increase in new apartment construction, according to a previous report from the Times. King County’s apartment vacancy rate was 4.31 percent in the last quarter.
Read more about the new plans for more apartments in Seattle here.