Multifamily Projects Answer Urgent Housing Call

SEATTLE—Six new multifamily projects are responding to an increasing demand for housing in Seattle and the Bay Area, two markets that continue to show employment outpacing housing. Greystar announced the near-term completion of three projects in Seattle and three projects in Northern California.

“We are pleased to be either leasing or nearing completion on three new communities in Northern California and three new communities in the Pacific Northwest. These projects will provide over 1,000 units of new housing in vibrant locations that are proximate to transit, jobs and retail space. It has been a pleasure working with the cities of Seattle, Mountain View and Redwood City to bring these new communities to life,” said Ali Warner, managing director of Greystar, Northern California and Pacific Northwest.

Greystar has the following active Pacific Northwest projects:

Currently in lease-up, Elan Uptown Flats is comprised of 182 units in Latitude 47, the Seattle tech corridor and the top region in the country for job growth. The community features close proximity to the area’s high-growth employers.

Situated in Seattle’s South Lake Union neighborhood, Ascent, a 25-story building featuring 251 apartment homes and a retail base composed of six retailers, is actively in lease-up. One block from Amazon’s corporate headquarters and two blocks from the South Lake Union Streetcar terminal, the building provides an all-inclusive living experience for residents with amenities, resident services and 360-degree views of Seattle.

Slated to welcome first move-ins next month, Marlowe is a seven-story community that will feature 181 apartment homes in Seattle’s South Lake Union neighborhood adjacent to Ascent. Marlowe will offer more than 9,000 square feet of retail as well as full suite of resident amenities.

In the Bay Area, Greystar currently has three active projects underway including:

Elan Mountain View features 164 luxury apartments on the corner of Castro Street and El Camino in Mountain View, CA. With 10,000 square feet of retail space, including a Peet’s Coffee and Mediterranean restaurant Rose Market, the property is walking distance to the retailers on Castro street as well as the Mountain View Caltrain and VTA line.

Currently in lease-up, Huxley is an eight-story apartment community which features 137 rental residences and a diverse collection of onsite amenities. Near the Sequoia Caltrain station, Huxley is walking distance from downtown Redwood City’s local employers, retail and restaurants.

Scheduled to open in April of 2019, Elan Redwood City will feature 175 rental units located within walking distance of downtown Redwood City. The community is two blocks from the Caltrain station as well as the area’s major employers.

As both the housing and job markets in Seattle and Northern California continue to evolve and expand, Greystar continues to up its game for renters in Northern California and the Pacific Northwest, says Warner.

“A robust job market coupled with the steep cost of for-sale housing in both the Bay Area and Seattle has resulted in strong demand for rental housing,” he tells GlobeSt.com. “At Greystar, we strive to continue to deliver enhanced product and service offerings in our communities. Our focus is to provide residents with an elevated and convenient living environment that also features timeless design.”

That elevated design goes beyond the usual multifamily experience, GlobeSt.com learns.

“In both Seattle and the Bay Area, the rental housing that we develop is condo-quality, with top-of-the-line fixtures and finishes and design,” Warner tells GlobeSt.com. “What truly sets us apart from the condo product in these areas, though, is the higher level of amenities and services that each of our communities provides, from libraries with individual workstations and rooftop dog runs to on-demand concierge services.”

And, Warner says today’s renters demand tech-oriented amenities.

“Today it’s all about connectivity,” he tells GlobeSt.com. “We strive to have the fastest possible connection speeds for any and all technology to make residents’ daily lives more seamless. As the trend of working remotely continues to grow in the tech industry, many residents also seek out creative workspace environments within their buildings, such as on-site co-working spaces and libraries, which many of our new projects provide. Additionally, we aim to deliver standout services and offer access to events that enhance a sense of community among residents. Each of our buildings, regardless of size, is uniquely designed with differentiated smaller gathering areas that inspire friendships.”

Markets expected to receive the bulk of new multifamily supply are Dallas, Los Angeles, New York, Washington, DC and Seattle, according to a report by RealPage. New supply in these markets will present a challenge to future rent growth.