Project Basics
Location
Lynnwood, WA (Seattle Metro Area)
MSQUARED ROLE
Preferred Equity
NUMBER OF UNITS
200
PROJECT TYPE
Mixed-Income, Multifamily
TOTAL COST
$55M
Project Details
Location
Lynnwood, WA (Seattle Metro Area)
PROJECT TYPE
Mixed-Income, Multifamily
MSQUARED ROLE
Preferred Equity
TOTAL COST
$55M
NUMBER OF UNITS
200
Project Overview
Kōz on Alderwood is a 200-unit mixed-income, ground-up multifamily development in Lynnwood, Washington in the greater Seattle Metro area. The transit-oriented project, being developed by a woman-led firm, is directly adjacent to the under-construction Lynnwood Transit Center, the northern terminus of the Sound Transit Link light rail extension connecting to Seattle. The project will be 50% affordable and 50% workforce housing. The project will include studio, 1BR and 2BR units. Construction is anticipated to begin in spring of 2023, with completion slated for early winter 2025.
Impact
Affordability
Kōz on Alderwood will have 50% of the units restricted as affordable to households earning 80% of AMI.
Sustainability
The project is adjacent to the Sound Transit extension of the Link light rail system, connecting the project to Seattle job centers. The development will be constructed to Washington State’s “Built Green” standard and include electric vehicle charging infrastructure.
Diversity
The Project sponsor, Kōz Development, is a woman-led development firm with a strong performance history in the Pacific Northwest, and is focused on delivering workforce housing to a diverse population across the Seattle Metro Region.
MSquared’s Seattle Multifamily Development Set to Rise with $54M Financing Package
MSquared Closes on $54M Lynnwood Multifamily Development
MSquared Closes on $54 Million Mixed-Income Apartment Project in Seattle Metro Area
MSquared Secures $54M in Funding for 200-Unit Lynnwood Apartment Development
