Redmond, WA – February 14, 2017 – Pier 67 Capital Partners, L.P. announced recently that they have retained CBRE professionals Mark Zoffel and Christian Shevchenko to market the Avondale Senior Housing Development Site, a 4.21-acre land assemblage in Redmond for the future development of senior housing.
“We trust CBRE’s expertise and track record in guiding us to a successful offering,” said Siddharth Jha, Managing Director with Pier 67 Capital Partners, L.P. “Our view is that the surge in development and Redmond’s position as top-tier investment city presents the buyer with a well-timed opportunity to capitalize on the booming business climate and strong household demographics,” he added.
With no new senior housing projects underway or on the horizon, and because the Redmond Comprehensive Plan has identified a shortage of senior-oriented residential projects, the City of Redmond is encouraging the development of more senior housing and offering triple density bonuses for certain types of senior developments. Located on Education Hill at 10431 Avondale Road NE, the property is the only senior housing development site for sale inside Redmond city limits. As the largest available land offering currently on the market in Redmond, this represents a rare opportunity for a senior housing developer to take advantage of this new, encouraging environment, with the flexibility for a range of configurations and uses.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Pier 67 Capital Partners
Pier 67 Capital Partners, L.P. is the multinational real estate division of a Seattle-based family office. Through strategic acquisitions and repositioning of value added and opportunistic assets, the Firm has built a portfolio that spans various real estate asset classes, including land, residential, office, industrial, retail, and mixed-use. In working with governments, hedge funds, investment banks, developers, REITs, institutional lenders, mortgage and mezzanine lenders and servicers, Pier 67 utilizes its distressed, legal, and environmental expertise to underwrite opportunities created by inefficient capital structures, event-driven distress and asset-level difficulties.