Thursday, January 29, 2009

The Landes Apartments Project has the Best Multifamily Location in the Whole World

OK, I don’t know this for sure, because I haven’t visited every multifamily site in the whole world. But, I think this location (901 8th Avenue, Seattle, WA) is a contender. Here is my logic:

  1. The best apartment location should perform well in difficult market conditions.
  2. In difficult market conditions, the sectors which perform best are government, health, and education.
  3. The Landes location is ideally suited to appeal to government, health, and education workers.

With regard to the second premise, there is a helpful post at Macro and Other Musings titled "Where are the Safe Jobs?". Here is a chart from that post:


By far the most jobs have been created in the government and education/health services sectors. This is not a fluke of this recession – Eric Janszen put together charts of every sector showing data back to 1940 (posted here) and reaches the same conclusion.

So here is the location of the Landes Apartments (“A” on the Google Map below):


Easy walking distance to Seattle University, three major medical centers, and the Seattle/King County government buildings (shaded in red at the lower left).

There might be better locations, but I don’t know of any.