Real Estate: 250+ units of New multi-family construction and redevelopment.
Total Project Costs: $65-$70M
Targeted 10 Year IRR: 12-15%
Sponsor: Qualified local sponsor with successful development track record.
Brief Summary
The project will feature the revitalization of an historic structure as well as the construction of two new multifamily buildings. In addition to being in a QOZ, the project will benefit from the Historic Tax Credit program.
Everett is located in Snohomish County, roughly 25 miles North of Seattle. Everett is home to major employers including Boeing, Port of Everett, City of Everett, Naval Station Everett and Everett Community College. Everett Marina is the largest Marina on the West Coast, and, is the fastest growing commercial sea port on the West coast.
Project Timeline
Start of Construction: December 2019
Completion Date: December 2021
Stabilization: June 2022