Russell Square Wraps Phase 1 in Washington
The community is located west of Seattle.
Developer Russell Square has completed the first phase of The Highlands at Silverdale, a 234-unit community in Silverdale, Wash. The second phase, which will bring the project’s total number of apartments to 570, is currently under way.
The first phase of The Highlands at Silverdale started construction in 2022. Interior improvements to the retail component of the project are in progress. Upon completion, it will feature a coffee shop, convenience store and other services.
The property includes one-, two- and three-bedroom units, ranging from 750 to 1,250 square feet. The entire community will occupy 26 acres on a site that offers views of a body of water known as Dyles Inlet as well as Mount Rainier.
Common-area amenities include a 6,000-square-foot clubhouse, a dog wash and a fitness center. The property is close to the Bremerton Ferry Terminal for access to Seattle.
Silverdale, part of Kitsap County, is increasing in numbers. Between 2010 and 2022, its population increased more than 10 percent, though that is less than Washington state as a whole, which has grown 15.5 percent over the same period.
Metro Seattle stays in demand
The greater Seattle multifamily market experienced generally healthy fundamentals through the third quarter of 2024, according to Yardi Matrix, with asking rents edging down slightly, or 0.3 percent, quarter over quarter. Since the same quarter in 2023, occupancy rose 0.2 percent, coming in at 95.5 percent.
Developers delivered 8,758 units in 2024 through September, Yardi Matrix reports, with another 22,846 units under construction. Yet, construction activity has nevertheless slowed in Seattle-area multifamily in recent quarters as the high cost of construction and construction finance has put the squeeze on the industry.
