The Mid-Rise Apartment at 622 Rainier Avenue – Located within an Opportunity Zone – is Expected to Open in 2023
Real estate development firms Hatteras Sky and Trent Development and capital partner Cresset Diversified Real Estate Capital today broke ground on a new mixed-used mid-rise apartment project at 622 Rainier Avenue, in the Judkins Park Neighborhood of Seattle. Located less than a mile from the future Judkins Park light rail station, the new project, which is named Hilite, as a nod to the West Coast Printing Building that used to operate in the same space, will feature 206 residential units, covering approximately 5,200 SF of ground level retail, and is expected to open in 2023.
“The project at 622 Rainier presents unique and attractive TOD opportunities. We are thrilled to provide homes by the future light rail station that will allow residents immediate access to fast and reliable public transportation to Seattle’s Central Business District, Sea-Tac, and Downtown Bellevue,” said Oz Friedmann, Principal and Managing Director of Development for Hatteras Sky. “We are excited to once again partner with Trent Development on an infill development near multiple amenities in the heart of Seattle as well as collaborate on a project in a regional growth district that is forecasted to experience significant population and job growth over the next decade.”
“Trent Development is proud to be a partner on this dynamic project and to bring additional affordable housing to Seattle under the city’s MFTE program. The first of several Seattle-area Opportunity Zone projects we plan to break ground on this year, Hilite will be a vibrant addition to the neighborhood and an asset to the community,” said Marshall Ling, Trent Development’s Director of Design.
“As one of the largest qualified opportunity zone managers in the country, we’ve seen firsthand the positive impact that projects such as this can have on a community, its local businesses and its people,” said Avy Stein, Cresset’s Founder and Co-Chairman. “We’re excited to align ourselves with top-notch partners such as Hatteras Sky and Trent Development, and we’re looking forward to watching this project come to life.”
Additional Facts on 622 Rainier Avenue:
- The project will participate in Seattle’s Multifamily Tax Exemption program, which requires 20% of the units to be dedicated as affordable.
- With a walk score of 95 and a transit score of 85, 622 Rainier provides a resource and opportunity-rich neighborhood where future residents can complete their daily errands on foot, and public transport is a convenient option for both travel and commuting needs.
- The project is in close proximity to CenturyLink and Safeco Fields as well as the Seattle Waterfront where $724 million in revitalization projects are expected by 2023.
- Seattle is the heart of the Puget Sound Region, the commercial, financial, and cultural center of the Pacific Northwest, and is widely known as a global economic hub.
- The General Contractor is WG Clark Construction
- The Architect is Studio 19
- The Property Management team is Blanton Turner
ABOUT HATTERAS SKY
Hatteras Sky is a commercial real estate development firm based in Atlanta that was founded by Jason Cordon and Amy Kelly. In addition to conventional development, the group specializes in development in opportunity zones and historic rehabilitations. Currently, the development pipeline totals more than $1.3 billion dollars for all Hatteras Sky projects. For more information about the firm and its team, please visit the Hatteras Sky website.
ABOUT TRENT DEVELOPMENT
Based in Seattle, Trent Development specializes in real estate development as well as project and construction management. Together Trent Mummery and Patrick Ashman have more than 40 years of experience in the industry and have been intimately involved in overseeing the development of more than 1400 units totaling $850 million in real estate projects in Seattle; Japan; Vancouver, BC; San Francisco and Camdenton, Missouri.
ABOUT CRESSET DIVERSIFIED REAL ESTATE
Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, united with Diversified Real Estate Capital, led by Larry Levy, to create Cresset Diversified Real Estate, a joint venture partnership focused on core real estate development investments in Qualified Opportunity Zones. Cresset Diversified is currently raising their second fund, Cresset Diversified QOZ Fund II, which targets opportunity zone projects with the potential for substantial risk-adjusted, tax-advantaged returns. Fund II recently closed on its first deal—two multifamily buildings in the Seattle metropolitan area—and has two additional deals under LOI. Previously, the Cresset Diversified partnership launched its first fund, Cresset Diversified QOZ Fund I, in December 2018 and raised $465 million to invest in seven institutional-quality projects located in top-tier markets around the country.