In the last year, California capital has searching for yield in high growth markets, and the Pacific Northwest has been a top landing pad. The region's recent economic growth and established job centers has made it a favorite market for California capital.

"The Pacific Northwest is one of the nation's fastest growing regions, with several businesses establishing and maintaining headquarters throughout the states of Oregon and Washington," Adam Levin, executive managing director of Levin Johnston of Marcus & Millichap, tells GlobeSt.com. "Investors in California have noticed these growing trends over the last couple of years and have actively been seeking apartment communities in close proximity to cities outside of California with strong growth and demand."

Thanks to population growth, multifamily is the favored asset class for capital arriving in the market. "The PNW metro's multifamily market continues to benefit from an increasing influx of residents that have been priced out of more expensive West Coast markets," says Levin. Portland is among the region's top growth markets, boasting stable rents and a decreasing vacancy rate. "This secures its spot as a prime market for investors to consider when seeking multifamily properties on the West Coast that are outside of California," he adds.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.