Real Estate: 350+ units of New multi-family construction and redevelopment.
Total Project Costs: $110-$120M
Targeted 10 Year IRR: 14-17%
Sponsor: Qualified local sponsor with successful development track record.
Brief Summary:
The Lynnwood Apartments development opportunity is a 79,829 SF site in the heart of Lynnwood’s commercial core. The proposed project will consist of 357 residential units totaling approximately 244,884 SF of net rentable area plus 19,915 SF of commercial space.
The Project is located in an area of new development, which will include brand new streets and sidewalks that will provide access to a new community park / plaza directly across the street, as well as the Lynnwood Transit Center, located within an easy walk from the Project which will provide light-trail access to the region (2024). Light Rail will provide a reliable 28-minute commute to Downtown Seattle for Lynnwood residents. Ridership is expected
to accommodate 47,000 – 55,000 people per day by 2026.
Project Timeline
Start of construction: Q4 2020
Completion Date: Q1 2023
Stabilization: Mid 2024