Site: 1321 N 185th Street, Shoreline, WA 98133
StoryBuilt is pleased to offer the opportunity to invest up to $900,000 of limited partner equity to fund the development of a new 16-unit townhouse development located in Seattle’s Shoreline neighborhood. The site is located approximately 10 miles north of downtown Seattle. Investors will receive a 6% fixed preferred return, annualized, based on an anticipated 18-24 month duration period in addition to revenue share participation.
Responding to the site’s unique location and the market needs, the project incorporates the hamlet concept (clustered housing) to provide homes at single family scale, yet with more efficient layout and condensed masterplan. These well-designed mid-size homes target an average price of $820,000, ranging between $730,000 to $910,000, that is currently missing in the local inventory.
The project’s location provides quick and easy access to numerous grocery, coffee, food, service and entertainment amenities. Additionally, the project is served by bus service at its entrance, multiple park and rides in close proximity and less than 1-mile from a future light rail station with service beginning in 2024.
The Project is conveniently located between three major employment centers:
- Downtown Seattle (11 miles south)
- Everett & Boeing’s Everett manufacturing facility (11 miles north). Currently over 30,000 people are employed at Boeing’s Everett manufacturing facility and supports a broad range of suppliers and vendors in north King and south Snohomish counties.
- Bothell (7 miles east) has become an increasingly popular employment center for many technology, telecommunications and bioscience companies. Additionally, Bothell is home to the rapidly expanding University of Washington Bothell Campus.
This family-oriented community is characterized by its masterplan that offers large, shared amenity and gathering spaces between homes. The variety of floor plans and sizes are designed to appeal to broad base of prospective buyers. Each home is designated with 2 covered or enclosed parking spaces.