Nuveen acquires Seattle apartment portfolio for $245m

Nuveen Real Estate has acquired a class A multifamily portfolio of 562 units across the Seattle metro from Simpson Housing for $244.6 million, according to media outlets.

The portfolio consists of the 317-unit Metro 112 in Bellevue and the 204-unit Boulder Creek in Sammamish.

Young professionals continue to drive rental demand in Seattle, keeping the metro one of the strongest and most stable multifamily markets in the United States, according to Yardi Matrix. In the 12 months ending in September, Seattle added 66,300 jobs for a 3.4 percent expansion, a strong 140 basis points above the national figure. And the city’s solid fundamentals continue to attract investors, with nearly $2.3 billion in multifamily assets trading in the first 10 months of 2018.

Recently, Nuveen Real Estate launched its U.S. Cities Multifamily Fund. The first close is anchored by a $450