80th Ave & leary ave        (redmond, wa)

PCP Redmond represents one of the last remaining premier sites for multifamily development within the heart of the submarket.  Located at the NW hard corner of NE 80th St and 164th Ave NE, the Property sits in the heart of Redmond’s vibrant downtown surrounded by shopping, world-class restaurants and nightlife and is only 2 blocks away from the new Sound Transit light rail stop (opening 2024-2025) which will connect Redmond, Bellevue and Kirkland to most of the greater Seattle MSA.  Furthermore, the Property’s location provides immediate access to extensive outdoor recreation activities such as hiking the Sammamish River Trail, biking the State Route 520 Trail or enjoying Downtown Park.

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Upon completion, the Property will stand at 8 stories and feature a unique and expansive elevated terrace with incredible views of Mount Rainier and the City of Redmond.  Its 217 units are a thoughtful mix of 11% studios, 69% 1-bedrooms and 20% 2-bedrooms. 

Nearly all of the Property’s units are the preferred rectangular shape that maximizes utility and provide the upscale residential feel desired by renters.  This also allowed PCP to maximize rent PSF by designing highly efficient units that are 10-15% smaller than the competitive set in size, but do not feel any smaller to the renter.  The result is rents PSF that are on the high end of market, but chunk rents that are in line with the competitive set.

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PCP is well-known for its high-quality multifamily developments throughout the U.S. that feature outstanding amenity packages that drive premium rents and property performance.  The Subject Property will feature its own set of unmatched amenities including an outdoor elevated terrace featuring outdoor TV’s, gaming lawn, grills, firepits; a co-working lounge with conference rooms, study rooms, kitchen & coffee bar; a state-of the art gym; a lounge and café, movie theater, party room, chef’s kitchen, pet spa, secure package room and multiple additional outdoor terraces with unmatched views.  Unit interiors will feature top-of-market amenities on all fronts.

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Overall, PCP's investment thesis results in a Property that combines best-in-class unit design, unmatched amenities and a core, infill location that provides access to all of downtown Redmond within a 5-minute walk.  The combination of high disposable income for residents and the general unaffordability of single-family housing in Redmond provides for a large renter pool.  The Property will cater to professionals who seek direct access to high quality, sophisticated design with a full suite of amenities in a location that is ideal for work-live-play culture.