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Fairfield Begins Puget Sound Development Push

EVERETT, WA-The San Diego-based residential real estate company breaks ground for a 344-unit garden-style apartment development here, saying it is the first of several ground-up apartment developments the San Diego-based company is planning for the region.

By Brian K. Miller | Updated on May 26, 2005

EVERETT, WA-Fairfield Residential recently broke ground here for a 344-unit apartment development. The project calls for 17 buildings on a 33-acre site on Merrill Creek Parkway. The cost of construction was not immediately available.The San Diego-based company acquired the land for the project last year for $7 million or $4.97 per sf. The seller was the Mietzner Land Company. The site was acquired with an approved Master Use Permit for the development. Fairfield’s broker in the deal, Greg Laycock of Cushman & Wakefield, tells GlobeSt.com that Fairfield was assigned the purchase contract from Clark Realty of Washington, DC. Clark Realty had tied up the property as part of its bid to pick up a Navy housing contract, which it ultimately did not win. The development is the first of several ground-up multifamily projects in the Puget Sound region being planned by Fairfield, which is also looking for existing properties to acquire. The company currently owns about 1,800 units in 12 properties and could double that unit total over the next couple of years. Laycock is helping the company source acquisitions of both existing properties and development sites.”We think the next five years will be very strong for Seattle,” Fairfield’s regional vice president Mark Faulkner tells GlobeSt.com. “We recently opened a regional office in Seattle and will be opening a construction office in Lynwood in the next 30 days.”Indeed, Faulkner tells GlobeSt.com that Fairfield soon will be holding an “open house” at another site it has tied up in Seattle. The property is the old Wonder Bread factory near 18th Avenue South and South Jackson Street, about 1.5 miles east of Downtown. The sale is contingent upon site plan approval. The development would include in excess of 200 units and about 10,000 sf of retail space, he says.

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