Devco Residential Group, a multifamily-focused development and investment company, has acquired a five-acre property in Lakewood, Washington for the construction of an affordable housing development. The Bellevue-based developer purchased the land from a private investor for $5 million. According to Puget Sound Business Journal, construction on the 245-unit project is set to begin in March 2024 with an expected completion date of fall 2026.
The project will consist of three podium-style buildings and will be located at 11416 Kendrick Street near Sound Transit Lakewood Station. Devco’s Development Manager Dalton Arndt stated that they are partnering with Pierce County-based nonprofit organization Next Chapter for the affordable housing units.
Construction costs are estimated to be around $100 million and Devco recently received a bond allocation worth $51.7 million specifically for this project according to Puget Sound Business Journal.
Photo: Devco/Puget Sound Business Journal
