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Devco Residential Buys Lakewood Property for Housing Project
Devco Residential Group, an integrated development and investment company focused on multifamily, has acquired a five-acre property in Lakewood, Washington, where it plans to build an affordable housing development.
The Bellevue-based developer bought the property for $5 million from a private investor, reported the Puget Sound Business Journal. Construction on the 245-unit project is scheduled to begin in March 2024, and the project is expected to be ready for lease-up in the fall of 2026.
The three-building project will feature podium-style buildings and will be located at 11416 Kendrick Street, near the Sound Transit Lakewood Station. Dalton Arndt, development manager for Devco, told the outlet the firm is partnering with Pierce County-based nonprofit organization Next Chapter on the affordable housing units.
Per the Journal, construction costs are estimated to be approximately $100 million, and Devco recently received a $51.7 million bond allocation to develop the project.
Photo: Devco, Puget Sound Business Journal
