SEATTLE (January 25, 2022) – Real estate development firms Hatteras Sky and Trent Development and capital partner Cresset Real Estate Partners today broke ground on the development of 361 new-construction multifamily homes in the “City Center” District of Lynnwood approximately 15 miles north of downtown Seattle. The development team closed on the development’s construction loan with AXA Venture Partners, a $1B venture capital firm, on December 16, 2021. The new project, which is named Ember, will feature 361 mid-rise residential units, and approximately 9,215 square feet of ground level retail. Ember is expected to open in 2024.
The project also furthers the development team’s partnership in Seattle, with 205 ground-up units under construction in Jackson Park along Rainier Avenue.
Ember is situated within Lynnwood’s “City Center” District, an area of new development that will include a new community plaza and park, along with the Lynnwood Transit Center, which will provide light rail access to the region beginning in 2024. The project will also be enrolled in Lynnwood’s Multiple Unit Housing Property Tax Exemption Program, which will allow for 20% of the units to be dedicated as workforce housing.
We’re excited for Ember to be a catalyst of change for Lynnwood City Center,” said Trent Mummery, Principal of Trent Development. “Sound Transit’s investment in light rail infrastructure, along with the city’s bold vision for the surrounding community, made this an exceptional opportunity to contribute to an up-and-coming neighborhood. While this project is part of a larger City Center transformation, we aim to deliver something that will act as a cornerstone on which others in the community can continue to build.”
“Ember presents a unique and attractive TOD opportunity. We are thrilled to provide homes by the future light rail station that will allow residents immediate access to fast and reliable public transportation to Seattle’s Central Business District, Sea-Tac, and Downtown Bellevue,” said Oz Friedmann, Principal and Managing Director of Development for Hatteras Sky. “Our partnership with Trent Development and Cresset Diversified combines an amazing group of talents and we look forward to bringing Ember to life during a period of such pivotal transit-oriented growth in Lynnwood and the Greater Seattle area.”
“Collaborating with top developers like Hatteras Sky and Trent Development has allowed us to successfully deploy capital from our Qualified Opportunity Zone funds across the nation,” said Michael Miller, Cresset Real Estate Partners Co-Founder and Executive Managing Director. “We are excited to continue our successful, ongoing partnership with both firms via this project, and look forward to Ember contributing to Lynnwood’s economic growth and vitality once built.”
Ember is ideally situated just southwest of the intersection of Interstate 5 (I-5) and Interstate 405 (I-405), two primary arterials connecting the Greater Puget Sound region that provide direct access to Seattle, Bellevue, and Everett – the three major employment centers surrounding Lynnwood. The project is also in close proximity to major shopping and entertainment centers, and is positioned along the future Lynnwood Link Extension, part of the Sound Transit Link light rail expansion set to cut commuter time to Seattle’s urban core in half by 2024.
ABOUT HATTERAS SKY
Hatteras Sky is a commercial real estate development firm based in Atlanta that was founded by Jason Cordon and Amy Michaelson Kelly. In addition to conventional development, the group specializes in development in opportunity zones and historic rehabilitations. Currently, the development pipeline totals more than $600 million dollars for Hatteras Sky’s Opportunity Zone projects. For more information about the firm, its team, and additional projects, please visit the Hatteras Sky website.
ABOUT TRENT DEVELOPMENT
Based in Seattle, Trent Development specializes in real estate development as well as project and construction management. Together Trent Mummery and Patrick Ashman have more than 40 years of experience in the industry and have been intimately involved in overseeing the development of more than 1400 units totaling $850 million in real estate projects in Seattle; Japan; Vancouver, BC; San Francisco and Camdenton, Missouri.
ABOUT CRESSET REAL ESTATE PARTNERS
Cresset Real Estate Partners leverages decades of relationships with industry-leading developers to secure off-market opportunities with advantageous structures. Our flexibility and speed allow us to capture desirable investments. Cresset Real Estate Partners currently oversees a portfolio of more than $3 billion. To learn more, visit www.cressetpartners.com.
Cresset refers to Cresset Capital Management and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisors.
