SKYRIDGE Townhouse Project is developing 18 townhouses for sale in the South Seattle area. The capital raised through an Opportunity Zone Fund offering will be used for land acquisition, design and planning, and construction and development costs. The project is an Opportunity Zone (OZ) project with no future capital gains tax, and capital gains from previous investments can be deferred and tax deducted through the fund, making it an excellent tax planning tool. The project is of moderate size and is a small to medium sized property development with prices in line with market standards, with townhouses selling for between $450,000 and $550,000. It is a hot-selling type of housing. The project is close to I5 and 450, making it very convenient to live and travel.
Conceptual Site Plan
General Overview of Seattle and Current Real Estate Market
Seattle, Washington’s leading economic center, has been experiencing rapid growth in recent years and is one of the fastest growing technology cities in the country. There are numerous Fortune 500 companies located in the area, including Amazon, Microsoft, Boeing, Costco, Expeida, and many others, all of which are headquartered in the Seattle area, which has led to steady job growth since the beginning of the 13th year. At the same time, two major Air Force and Army bases are located in Lakewood, a city south of Seattle, and the military adds more than 4,000 jobs to the region each year. Washington is also one of the largest exporters of wine and other agricultural products. Local warehousing and agricultural employment is also relatively well developed.
Seattle’s overall real estate market has been active since 2013, rising at an even rate of about 10% per year. This is a rare occurrence in other parts of the country. Most of the older states in the U.S., such as New York or California, generally follow a 7-year cycle in real estate. As Seattle is an emerging city, salaries have surpassed California to become the second highest in the country in 2016, and real estate prices and the cost of living still have room to rise relative to California and New York. And with companies like Amazon and Microsoft adding 3,000-5,000 new jobs each year, the stock of commercial housing fell to a six-day supply at the end of FY18. Market supply is less than demand. Moody’s study shows that between 2019-2024. Seattle’s job market will add 17,000-23,000 jobs per year, which will continue to further increase the total population and demand for housing in the region. This will continue to further increase the region’s total population and housing demand. The projected housing demand is more than 13,000 new households per year.
The project is located in a residential area and is very close to the I5 highway for easy access
Convenient location, only 15 minutes drive from the city center
The project is located in South Seattle on a 0.93-acre site with 18 townhomes planned for construction. The average size of each unit is approximately 1,600 square feet (160 square meters). The plans are shown below. The neighborhood is well served by supermarkets, offices, shopping areas, and restaurants.
Price of similar properties in the vicinity
Project Progress Update
The project is currently under construction, and the following are pictures of the project site.