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Two OZ Multifamily Projects Align with Existing Transit Improvements

Two Opportunity Zone mixed-use mid-rise apartment projects, one in the Jackson Park neighborhood of Seattle and the other in the City Center District of Lynnwood about 15 miles north of downtown Seattle, are set for development beginning in March and summer 2021, respectively. Developers Hatteras Sky and Trent Development, along with capital partner Cresset Diversified Real Estate Capital, are leading the charge.

Both project schedules align with existing infrastructure improvements, including the Lynnwood Link Extension to the light rail. The 205-unit 622 Rainier Avenue project is located approximately a half-mile from the future Judkins Park light rail station anticipated to open in 2023, bordering the International District, Stadium District, First Hill and downtown Seattle.

The 359-unit Lynnwood is situated in an area of new development that will include a new community plaza and park. In addition, the Lynnwood Transit Center will provide light rail access to the region beginning in 2024.

NorthMarq’s Seattle team of Jake Leibsohn and Ron Peterson arranged $70 million in joint venture equity between the developers and Cresset Diversified. 622 Rainier is designed by Studio 19 Architects and Lynnwood by Clark Barnes Architecture. Blanton Turner will be the property manager.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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