Real Estate in Washington
This week, RedSwan CRE is showcasing a property development on our marketplace that has been tokenized and is currently having equity funding raised to illustrate the top-quality CRE we are making more affordable, accessible and liquid to the market. Introducing the Apollo Apartments Development in Edmonds, WA (Seattle MSA).
Edmonds Development LLC is developing Apollo Apartments (“Apollo”), a 251-unit market rate apartment building in the City of Edmonds, 20 minutes North of Seattle. This project is an institutional level asset that is rarely available for individual investors. The project is fully entitled and has 90% construction drawings. Apollo will be EPA Energy Star Certified as well as NGBS Green Certified.
Apollo Apartments is also located near numerous transit centers, as well as nearby new construction developments, taking advantage of the path of progress and investments from institutional investors.
Apollo has been designed to meet new work from home/school demands; 70% of the units have either a den, office or alcove. The building is designed with fiber optic connections in the units; allowing for high-speed internet connection. With more people working from home, the units have large windows, allowing for more natural night. In-unit finishes and amenities include stainless steel appliances, quartz countertops, high gloss European style cabinets, washers and dryers, spacious balconies and luxury vinyl flooring throughout.
Strong Suburban Location:
Just outside of Seattle, Edmonds is a desirable bedroom community with a reputation of having good public schools and waterfront amenities. It is located near frequent transit and easy access to technology job centers.
Significant Tax Benefits:
Because the project is new construction, a cost segregation study will accelerate the depreciation schedule and deduct potentially $17.7M in four years.
No Commercial Space Requirement:
The Apollo Apartments will not require any commercial leasing space. Typically, new construction apartments of this size would require some retail space, but not for this project. No commercial space makes underwriting easier, as well as no risk of commercial vacancy.
Strong Targeted Returns:
10% cash yield.
5-year target IRR of 26% and 2.17X equity multiple.
About the Developers/Sponsors:
Edmonds Development LLC
Edmonds Development LLC is a partnership created in finding innovative ways to deliver and execute high-quality multi-family projects. We have more than 30 years of experience in many real estate sectors including multi-family mid-rise and high-rise, townhouses, commercial, and restaurants. To date, the partners of Edmonds Development LLC have been involved in the design, development, management, or construction of over $1.5B in real estate projects. Edmonds Development LLC has assembled a best-in-class team for this project. The team has more than 30 years of demonstrated experience in designing and executing projects of similar size, scope, and complexity. The team’s key team members also have previous experience with HUD and its 221(d)(4) program.
Andrew Miller — General Partner
Mr. Miller has been active in real estate projects for the past 30+ years: first as an Architect and, starting in 1998, shifted his focus to real estate development. To date, he has been involved in the design or development of approximately $1.5B in project value. Though Mr. Miller has experience in midrise, high-rise, townhomes, land development, and single-family homes, he considers midrise to be the most rewarding.
Previously Vice President of BDR Capital Partners with responsibility for midrise projects, townhomes projects, single-family homes under $3.0M, land development, and rezoning efforts. Prior to that, Mr. Miller was a Partner and Executive Director at The Dwelling Company, a start-up company known for its innovative designs.
Mr. Miller has a Bachelor of Architecture from Cal Poly in San Luis Obispo and a Masters of Business Administration from the University of Washington. It is the MBA that brought Mr. Miller to the Pacific Northwest and for the past 25 years, has accumulated a wealth of knowledge in navigating and building in this area of the country.
Additionally, Mr. Miller serves on the Board of a local affordable housing group and has served in many capacities in his community. Finally, Mr. Miller believes that having a vision come to life and become a place where people live and create a lifetime of memories to be an incredibly rewarding experience.
Notable projects include:
● The Vine Building (174-unit, high rise condominium project in Seattle, Washington)
● Aura Totem Lake (202-unit midrise apartment project over structured parking, in Kirkland, Washington)
● Sonata East and Sonata West (91-unit and 96-unit midrise apartment buildings completing the Rainier Vista Master Planned community in Seattle, Washington)
● Domaine Apartments (a unique combination of 84 midrise and townhomes units over structured parking in Seattle, Washington)
● Blakeley Commons (a 106-unit midrise condominium project in Seattle, Washington)
● Completion of the Silver Creek Master Planned Community (completing and selling the final 927 lots in a faltering 1,700 lot community in Puyallup, Washington)
● 25 on the Park (25 townhomes in the center of Seattle)
● 1200 Bellevue Way (49 townhomes over underground structured parking in Bellevue, Washington)
Johnny Vong — General Partner
Mr. Vong has been investing in real estate for more than 15 years. For the past five years, he has focused on ground-up new construction projects, including condominiums, townhouses, multifamily and commercial properties in Washington and Alaska.
He has worked with the City of Edmonds over the years on similar multifamily projects and has the relationships and understanding of the municipal code to ensure Apollo Apartments is a success.
He has developed complex commercial shopping centers, as well as single-tenant buildings for national brands such as Starbucks, DutchBros Coffee, and Burger King. Before real estate development, he was a Management Consultant at IBM and PwC, where he focused on financial modeling and technology. His consulting clients have included Microsoft, T-Mobile, technology startups, government agencies, and nonprofits.
Currently, he is on the Board of Trustees at Willamette University in Salem, Oregon. He holds a Bachelor’s degree from Willamette University, where he was awarded a full scholarship from the Gates Foundation. He also attended Harvard University on a full scholarship, where he received a Master’s degree in Public Policy with a concentration in Public Finance.
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Check out this great real estate in Washington today!