Viewcrest Villages Apartments will be located at 3401 Spruce Avenue in East Bremerton, at the site of what was originally a 1950s military housing complex. The complex will be extensively rehabilitated and result in 300 units in 75 garden-style apartment buildings, plus additional service buildings.
Viewcrest Villages will also introduce a new level of amenities and service to the Bremerton multifamily market, with special features including an on-site learning center, a community room with kitchen and central laundry facilities, a childcare center along with a playground and sports court. The majority of residences will be set aside for tenants that earn 60% or less of the area's median income. Viewcrest Villages units will range in size from 674 sf to 831 sf with rents ranging from $512 to $675 per month.
"Affordable housing needs have not been well addressed in the Puget Sound area, and we believe Viewcrest Villages will be well-positioned to serve its market niche," says Brian Fitterer, principal of Affordable Housing Partnership Alliance,
Despite the economic struggles throughout the Puget Sound, state Department of Revenue statistics indicate that Kitsap County has held its own economically. The Kitsap County apartment market, particularly Bremerton and Silverdale, is experiencing modest growth. According to Dupre+Scott Apartment Advisors, Kitsap County's vacancy rate was 5% as of September 2001. At the end of first quarter 2002, it dropped to 3.1%. Bremerton dropped from a 5.5% vacancy in September to just under 35 in March. Silverdale experienced a similar decrease, falling from 4.1% to 2.7% vacant. In contrast, vacancy rates are increasing in King County -- up from 5.4% in September 2001 to 8% at the end of March.
The Bremerton waterfront is about to undergo a long-anticipated facelift, with Opus Northwest's project, which will consist of a conference center, hotel, retail center and view apartments. Redevelopment of this area is expected to further improve the county economy, and is stimulating interest in other projects.
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