Developers Trent Development, Hatteras Sky, partner with Cresset-Diversified Fund
SEATTLE, WASHINGTON (January 15, 2021) – Jake Leibsohn, vice president, and Ron Peterson senior vice president of NorthMarq’s Seattle regional office, arranged $70,000,000 in joint venture equity for the development of two multifamily, mixed-use developments comprised of 556 units in qualified opportunity zones in up-and-coming Seattle neighborhoods.
Trent Development and their co-sponsor Hatteras Sky partnered with a NorthMarq-sourced institutional equity group, Cresset-Diversified Fund to develop the two transit-oriented properties
The partnerships closed on the two sites on December 30, 2020. The portfolio is comprised of a 622 Ranier, a 205-unit multifamily mixed-use development located in the Judkins Park neighborhood of Seattle, and Lynwood Apartments, a 351-unit multifamily mixed-use development located in the City Center District of Lynnwood.
Construction for the Rainier project is scheduled for the first quarter of 2021 with the Lynnwood project to follow shortly thereafter. 622 Rainier is designed by Studio 19 Architects and Lynnwood by Clark Barnes Architecture. Blanton Turner will be the property manager.
“Trent Mummery and Patrick Ashman, the two principals of Trent Development, were early movers when it came to opportunity zones, which allowed them to identify some of the best located sites within the designated tracts,” said Leibsohn. “Cresset-Diversified Fund is a leader in the opportunity zone space making them an ideal partner for these two projects. They also share the same positive outlook for Seattle and its suburbs. We are excited to watch these projects as they help transform each of their already vibrant neighborhoods.”
622 Rainer: The 622 Rainier Avenue project is located approximately .5 miles from the future Judkins Park light rail station, anticipated to open in 2023, in the Jackson Park neighborhood bordering the International District, Stadium District, First Hill, and Downtown Seattle. The Project will feature 205 residential units, approximately 5,200 SF of ground level retail, and participate in Seattle’s Multifamily Tax Exemption program, which requires 20% of the units to be dedicated as affordable. Construction is anticipated to begin in March of this year.
Lynnwood Apartments: Lynnwood is situated within the “City Center” District, an area of new development that will include a new community plaza and park, along with the Lynnwood Transit Center, which will provide light rail access to the region beginning in 2024. The project will include 359 multifamily units and feature approximately 10,000 square feet of ground-level retail. The project will also be enrolled in Lynnwood’s Multiple Unit Housing Property Tax Exemption Program, which will allow for 20% of the units to be dedicated as workforce housing. Construction is slated for summer 2021.
Jake Leibsohn and Ron Peterson have secured more than $115 million in equity for opportunity zone projects in 2020.