Quarterra, QuadReal Start Construction on The Piper Apartments

Quarterra QuadReal NEws
Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager, today announced the completion of subsurface work and start of vertical construction of The Piper, a luxury community directly fronting renowned Marymoor Park in Redmond, Wash. The Piper is developed in close partnership with QuadReal Property Group.

With its expansive homes and quiet, contemplative atmosphere, The Piper's 284 fully air-conditioned apartments will provide a distinguished setting that caters to established professionals seeking an active lifestyle. The community is situated on one of only three buildable sites with direct frontage on Marymoor Park within the core of the rapidly developing Marymoor Village. A market leading suite of amenities will cascade into the 640-acre Marymoor Park, a regional outdoor epicenter home to a summer concert series, a robust trail system, various sports facilities, a premier 40-acre dog park and climbing wall.

"Positioned at the front steps to Marymoor Park, The Piper will beckon residents to engage with their surroundings, With an emphasis on outdoor amenities and open-air experiences, The Piper is designed to give residents space to breathe while living within a dynamic neighborhood that offers immediate access to transit, retail and recreation."

-Brad Reisinger, Regional President of Development for Quarterra in the Pacific Northwest.

Through its participation in the City of Redmond's art program, The Piper's two five-story mid-rise buildings will be separated by a linear pedestrian art walk pathway, highlighted by murals, sculptures and other works from 11 different artists. The community will also periodically house artists in residence in a dedicated space along the art walk.

The Piper will consist of studio, one-, two- and three-bedroom homes, ranging from 475 square foot studios to 1,400 square foot spacious three-bedroom homes to accommodate growing families. Residents will enjoy access to street-fronting co-working spaces, a luxury club room and theater room, resort-style pool and spa overlooking the park, indoor kids' playroom, outdoor kids' play zone, outdoor plaza and a significant allocation of electric vehicle chargers. In addition to an on-site pet spa, residents of The Piper will have easy access to the 40-acre Marymoor Off-Leash Dog Park, the largest dog park in the region.

Situated at 17305 NE 67th Ct. in Redmond, the community is just blocks from the future Southeast Redmond Light Rail Station and within a short drive of key thoroughfares, including Redmond Way, State Route 520 and East Lake Sammamish Parkway, leading to Bellevue, Seattle, Sammamish, Issaquah and Kirkland. The transit access links The Piper to the regions primary tech sector employers such as Microsoft, Facebook/Oculus, Amazon, Google, Space X, Nintendo and SmartSheet. The Piper is just a few minutes from downtown Redmond, the Microsoft campus and Downtown Bellevue. Residents will also enjoy walkability to Whole Foods Market and easy access to Redmond Town Center – a mixed-use shopping and entertainment development with more than 110 shops, restaurants and breweries.

The Piper is one of three joint ventures between Quarterra and QuadReal in the region including recently opened Ovation in Seattle's First Hill and Spectra, also in Marymoor, now welcoming its first residents.

"The property location is incredible, residents of The Piper will enjoy an amenities package that complements the unique and idyllic setting. QuadReal is excited to welcome The Piper into a global residential portfolio of over 65,000 rental units and continue to partner with Quarterra on new residential developments across the US."

-Jameson Weber, Managing Director, Head of Americas, QuadReal.

Debt financing was provided through JPMorgan Chase & Co. Other key members of the team include Encore Architects, Gensler as interior designer, structural engineer BCQ, land use attorney McCullough Hill Leary, and Weisman Design Group as the landscape architect. NineDot Arts curated the art collection. As a MFTE/AARCH program participant, The Piper will offer 10% of its homes at 50% area median income (AMI).

The Piper is Quarterra's ninth development in the Seattle Metro Area. It joins Atlas, Axle, The Bower, Ovation, Spectra, Twenty20 Mad, Valdok and Whittaker, as well as Tavin in Seattle's Crown Hill, which is currently under construction. The Piper is the third joint venture between Quarterra and QuadReal, joining Ovation on First Hill in Seattle which was named the 2022 Residential High-Rise Development of the Year by NAIOP, and the recently opened 450-home Spectra, which is also located within the Marymoor Village.

About Quarterra Multifamily:
Launched in 2011, Quarterra Multifamily, previously known as LMC, is among the nation's most active developers, builders and managers. The company is currently the eighth largest U.S. developer, according to the National Multi-Housing Council's (NMHC) annual Top 50 list and has been on the list for seven consecutive years. Quarterra's Multifamily Construction organization, previously known as Lennar Multifamily Builders, has been recognized on the NMHC Top 25 Builder list for five consecutive years and ranked No. 15 in 2021.

About QuadReal Property Group:
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.


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