Mill Creek Residential Breaks Ground on Metro Seattle Community

Mill Creek Residential has broken ground on Modera Bridle Trails, a 369-unit development in Kirkland, Wash. First move-ins are expected by late 2026.

The developer paid $26.2 million for the development site, which included a 66-year-old bowling facility, in April. Subsequently, Mill Creek demolished the structure.

Weber Thompson provided design services while Bush, Roed & Hitchings served as civil engineers. Mill Creek’s in-house team handles the general contracting. Through sustainable building practices, the project is pursuing a LEED Platinum certification.

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When complete, Modera Bridle Trails will encompass one- to three-bedroom floorplans averaging 920 square feet. Units are slated to comprise key fob entry systems, soaking tubs, walk-in closets and quartz countertops. Select apartments will feature 10-foot ceilings, movable kitchen islands and private patios or balconies.

Plans call for such community amenities as a coworking area, private workstations, a gym, a rooftop deck and landscaped courtyards, as well as a dog run and pet spa. Moreover, the 100 percent electric community will include EV charging stations.

Located at 13033 NE 70th Place, the site is roughly 1 mile from Interstate 405. Several retail options and parks, such as the Bridle Trails State Park after which the community is named, are within 2 miles. Downtown Seattle is 13 miles away.

Mill Creek Residential’s focus on Puget Sound

Last year, Mill Creek Residential debuted four investment vehicles totaling $1.2 billion, one of them pertaining to multifamily development. William C. MacDonald, chairman, president & CEO of Mill Creek, told Multi-Housing News at the time that the company identified strong acquisition and development opportunities across 29 markets, primarily focusing on the West and East Coasts, as well as the Sun Belt.

One of Mill Creek’s developments in Puget Sound is Modera Shoreline, a 399-unit project in Seattle. The company broke ground last October after securing a $79 million construction loan, according to Yardi Matrix data. First move-ins are expected in the fall of 2025.

Advertised asking rents go up in metro Seattle

Metro Seattle’s pipeline had 24,910 units under construction in May, according to a recent report by Yardi Matrix. The average advertised asking rent in May grew by 1.1 percent year-over-year, surpassing the national average of 0.6 percent during the same interval.

As developers brought online 4,282 units during this year’s first five months, representing 1.4 percent of total stock, the metro’s occupancy rate slid down 20 basis points year-over-year in April, clocking in at 95.0 percent, the report goes on to show.