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Pier 67 Capital Partners has put more than four acres in Redmond, know as the Avondale Senior Housing Development Site, up for sale. On Education Hill at 10431 Avondale Road NE, the property is the only senior housing development site for sale inside Redmond city limits.
“Our view is that the surge in development and Redmond’s position as [an] investment city presents the buyer with a well-timed opportunity,” Pier 67 Capital Partners managing director Siddharth Jha said.
The Redmond Comprehensive Plan identified a shortage of senior-oriented residential projects, so the City of Redmond is encouraging the development of more senior housing. One incentive: triple density bonuses for certain types of senior developments.
The company tapped CBRE's Mark Zoffel and Christian Shevchenko to market the property.
