By Meghan Hall
Local firm Koz Development has pursued a number of projects in the Puget Sound over the past couple of years as a part of its mission to create more moderately priced units near major urban centers. In a deal that was finalized at the end of January but just recently recorded, Koz sold off multifamily asset to an entity affiliated with The Calida Group. The Las Vegas-based company paid $27 million, or about $264,705 per unit, for the property, according to Snohomish County records.
The community spans two parcels located at 1021 Highway 99. Dubbed “Koz on North Broadway,” the 120-unit project was completed in August of 2016. Units are a mix of studio and one-bedrooms ranging in size from about 317 to 361 square feet. Rents begin at about $1,135 per month. Apartments feature modern finishes such as hard surface floors and neutral cabinets and countertops.
The development mainly accommodates students and is near Everett Community College and Washington State University’s Everett Campus. The community is also pet friendly and features a garage, laundry and on-site maintenance, according to its website.
Koz Development was originally started in 2004 in response to the region’s lack of affordability. The firm believes that newly-constructed apartments no longer fit the needs of many employees or students living and working in markets like Seattle, which has become rapidly expensive. In order to make affordability feasible, the company pursues the development of micro-apartments, which are usually just a few hundred square feet in size.
“While small by US standards, micro-apartments are not unusual in urban centers throughout the world where density has historically exceeded that of American cities,” the company explains on its website. “In urban areas across the United States, micro-housing is becoming an answer for individuals seeking affordability and access to neighborhoods where they could not otherwise obtain or afford housing.”
The firm currently has two projects under construction: Koz on N. MLK Way in Tacoma, which will include 156 units, and the 130-unit Koz on North Killingsworth 2, located in Portland. In total, the firm has completed 14 other projects across the Pacific Northwest in recent years.