A prime mixed-use apartment development site adjacent to Marymoor Park in Redmond, Washington sold today in a transaction structured by Kidder Mathews. The 2.14-acre parcel, located at 17515 NE 67th Court, sold for $14.25 million.
Dylan Simon, Jerrid Anderson, and Max Frame of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller in the marketing and sale of the property.
This marquee development site is located directly across the street from Marymoor Park and within walking distance to the SE Redmond Station of the East Link Light Rail. The site is currently designed for 211 apartment units, 21 of which will be ARCH affordable units, and nearly 14,000 square feet of commercial space. This development will be broken into two buildings, allowing for an innovative urban forest that cuts through the project — inviting gathering and strolling for ground-floor retail and an interactive gateway to and from Marymoor Park.
The project team includes Tiscareno Architects, KPFF Civil Engineering, DCI Structural and GenCap Construction. The project has received Design Review approval and is targeting a late 2022 construction start.
“MainStreet Property Group began working on this development well ahead of the COVID-19 pandemic, and despite challenges in the regional apartment market over the course of 2020, MainStreet held steadfast in its clear vision on Marymoor as a vibrant community and the importance of transit adjacency for making livable communities in Seattle-Bellevue-Redmond,” said Simon.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About MainStreet Property Group
MainStreet Property Group and its family of companies develops, constructs, and operates remarkable residential communities and commercial spaces with the goal of delighting customers. To do this, MainStreet encourages innovation and creativity to foster unique perspectives that emphasize thoughtful, environmentally friendly approaches. As a leading Puget Sound developer with a focus on the Eastside, MainStreet has been a meaningful leader in the revitalization efforts of downtown Bothell, Kenmore, Redmond, and Sammamish, and has completed multifamily projects across the Eastside region. In addition to MainStreet Property Group, the MainStreet family of companies includes GenCap Construction Corp., a commercial general contractor (gencapconstruction.com) and Insite Property Solutions LLC,
a property management company (insiteps.com). For more information, visit mspgroupllc.com.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.