The apartment market in Seattle in 2004 was perceived by tenants to be a strong renter's market. The perception was not far off as rent concessions and other landlord incentives helped contribute to stagnant market rent growth. Despite these conditions, The McGuire, a 25-story, 272 unit apartment building owned by MEPT in Seattle’s Belltown neighborhood, was able to outperform its competition and post solid effective market rent growth while maintaining solid occupancy levels throughout 2004. The McGuire was able to raise effective rents during the year mostly due to its highly desirable features that include a concrete steel structure to reduce noise; exceptional attention to detail in design; spectacular views of downtown Seattle, Puget Sound, the Cascade and Olympic mountain ranges, Mt. Rainier and Lake Union; the convenience of a controlled access garage and entry; as well as a high-tech fitness center, media room and event room.