Brokerage firm The Mogharebi Group has opened an office in Seattle, GlobeSt.com has learned exclusively. The firm has also hired Robert Parmar and Ryan Kidwell to lead its expansion in the Pacific Northwest.
The brokerage firm topped the firm's expansion list because of the recent economic growth. "Seattle was one of the most advanced and highly diversified economies in the US. From a labor perspective, tech has provided strong growth throughout the region with companies like Amazon, Facebook, Google and Microsoft dominating the employment scene, as the region continues to grow away from industrial employers like Boeing that still remain a major employers," Alex Mogharebi, the firm's founder, tells GlobeSt.com.
The pandemic has only helped to fuel demand for jobs and for growth. "Due to this unprecedented demand for jobs in the information/tech sector, we are seeing a dramatic increase in overall rent growth as well as rapid cap rate compression which is exacerbated by supply shortages due to Seattle's unique geography on the Sound," says Mogharebi. "Seattle also features a very comparable employment base to California, we will be able to leverage our vast understanding of the California market to offer investors valuable insight into the shifting tenant profile."
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The new office will help the firm better serve its existing client as well as form relationships with local owners. "Our goals are to grow our platform in a sound and thoughtful way, at a rate that allows us to maintain the highest level of service and that will take several years of effort to accomplish," says Mogharebi.
At the top of the list, investors in the market are seeking acquisition advisory and rehab locations. "Due to the meteoric rise of Seattle's economy and geography there is a significant amount of inventory that needs some tender loving care and provides significant upside," adds Mogharebi. "On the institutional side, the robust economy provides core investors the best risk adjusted returns among the major markets we look at nationally. Seattle has a lot of affordable housing development and restrictions that we can navigate due to our expertise in the affordable housing vertical."
The new office is part of an expansion strategy for the firm, which includes opening five new offices in the Western US. In April, it opened an office in Salt Lake City. The firm will continue to expand throughout the region. "For years our clients have conveyed a desire for us to grow our platform and provide them the same service they have enjoyed in California in other western markets. Seattle is a key market, so we sought out the right team," says Mogharebi. Robert and Ryan are extremely talented, and were excited to embrace our methods of the "white glove" service we provide our investors in the business of multifamily real estate investment."
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