New Real Estate Project in Seattle’s Judkins Park Section Breaks Ground

SEATTLE–(BUSINESS WIRE) – Real estate development companies Hatteras Sky and Trent Development and capital partner Cresset Diversified Real Estate Capital today laid the foundation stone for a new mixed-use midsize apartment project on 622 Rainier Avenue in the Judkins Park neighborhood of Seattle. Named Hilite, a nod to the West Coast Printing Building that previously operated on the same site, the new project is less than a mile from the future Judkins Park light rail station and will include 206 units covering approximately 5,200 SF of ground level retail and is expected to open in 2023.

“The project at 622 Rainier offers unique and attractive TOD opportunities. We are excited to add homes to the future light rail station that will give residents instant access to fast and reliable public transportation to Seattle’s CBD, Sea-Tac and Downtown Bellevue, ”said Oz Friedmann, Principal and Managing Director of Development for Hattera’s heaven. “We are excited to partner with Trent Development again on an infill development near multiple facilities in the heart of Seattle and on a project in a regional growth neighborhood that is expected to experience significant population and employment growth over the next decade. ”

“Trent Development is proud to partner on this dynamic project to bring additional affordable housing to Seattle through the city’s MFTE program. Hilite is the first of several Opportunity Zone projects in the Seattle area that we plan to launch this year. It will be a living asset to the neighborhood and an asset to the community, ”said Marshall Ling, director of design at Trent Development.

“As one of the largest skilled opportunity zone managers in the country, we’ve seen firsthand the positive impact projects like this can have on a community, their local businesses and their employees,” said Avy Stein, founder and co-founder of Cresset. Chairperson. “We are excited to partner with world class partners such as Hatteras Sky and Trent Development and look forward to bringing this project to life.”

Additional Facts About 622 Rainier Avenue:

• The project will participate in Seattle’s multi-family tax exemption program, which requires 20% of units to be classified as affordable.

• With a walk score of 95 and a transit score of 85, 622 Rainier offers a resource- and opportunity-rich neighborhood in which future residents can do their daily errands on foot. Public transportation is a convenient option for both travel and commuting.

• The project is in close proximity to CenturyLink and Safeco Fields, as well as the Seattle Waterfront, where revitalization projects are expected to total $ 724 million by 2023.

• Seattle is the heart of the Puget Sound region, the commercial, financial, and cultural hub of the Pacific Northwest, and is widely known as a global business hub.

• General contractor is WG Clark Construction

• The architect is Studio 19

• The property management team is Blanton Turner

ABOUT HATTERAS SKY

Hatteras Sky is an Atlanta-based commercial real estate development firm founded by Jason Cordon and Amy Kelly. In addition to conventional development, the group specializes in the development of opportunity zones and historical rehabilitation. Currently, the development pipeline for all Hatteras Sky projects is more than $ 1.3 billion. More information about the company and its team can be found on the Hatteras Sky website.

ABOUT TRENT DEVELOPMENT

Seattle-based Trent Development specializes in real estate development as well as project and construction management. Together, Trent Mummery and Patrick Ashman have over 40 years of industry experience and have been instrumental in overseeing the development of more than 1,400 units for a total of $ 850 million for real estate projects in Seattle. Japan; Vancouver, BC; San Francisco and Camdenton, Missouri.

ABOUT CRESSET DIVERSIFIED REAL ESTATE

Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, joined forces with Diversified Real Estate Capital under the direction of Larry Levy to form Diversified Real Estate, a joint venture partnership focused on core investments in real estate development in Focused on Qualified Opportunity Zones. Cresset Diversified is currently launching its second fund, the Cresset Diversified QOZ Fund II, which targets projects in opportunity zones that have the potential for significant risk-adjusted, tax-advantageous returns. Fund II recently closed its first deal – two apartment buildings in the Seattle metropolitan area – and two more deals under the LOI. Previously, the Cresset Diversified Partnership launched its first fund, Cresset Diversified QOZ Fund I, in December 2018 and raised $ 465 million to invest in seven institutional-grade projects located in world-class markets across the country. * *

* The contents of this agreement may not be used as the basis for an investment decision and are not a recommendation or invitation to subscribe for, buy or sell any securities, including the fund mentioned here.