Heritage Woods – Redmond, WA
Property Type: MULTI-FAMILY RESIDENTIAL
Lot Size: 3+ ACRES
Property Status: Pending Feasibility
Property Overview: The property comprises 3 acres and is currently developed as an apartment over eight separate buildings. Its access off of 166th Avenue NE is via NE 91st Street and contains full frontage improvements on both streets.
Current Status: Heritage Woods is an affordable housing community in Redmond, WA. Located in the Education Hill neighborhood, it is a quick walk to great shopping and dining in Downtown Redmond. The apartment complex was built in 1968. It incorporates eight buildings with a total of 59 units. 45 units are 2 bedroom/1 bath and approximately 1000sf. 14 units are 1 bedroom/1 bath and approximately 800sf. Heritage Woods is a Tax Credit Community. This means “income restrictions” are based on household size.
Zoning: The property is zoned R-20 allowing for a base density of 20 dwellings per gross acre.
Core Asset in Downtown Redmond: The Heritage Woods location boasts walking distance to Downtown Redmond shopping and the new Light Rail Downtown Station. It also benefits from excellent proximity and SR-520 access to the region’s leading employers on the Eastside, highly ranked Redmond Schools and world-class healthcare facilities.
The Opportunity: This offering presents a great opportunity to introduce much needed residential townhome product to the Redmond residential marketplace. With single family residential median home closings just under $1.7MM and new construction home median closings at $3.5MM, the opportunity to provide smartly priced, luxury townhome product in a core market is rare.
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Century Communities -
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MainStreet Property Group
