Eagle Pointe Bremerton, WA

This 7-story tower with 5 stories of residential units on top of 2 floors of 73 parking spaces helps to counter the growing housing shortage in the Bremerton submarket of the Seattle MSA. This site enjoys spectacular 360° views of the Puget Sound, the Olympic Mountains and Mt. Rainier. Quick twenty-eight-minute ferry commute to downtown Seattle.

High population growth and crippling housing costs in the greater Seattle market continue to motivate commuters from the Bremerton submarket. This market has well-documented, unmet pent-up demand.

This facility will have a meaningful economic impact in the first 10 years, creating desperately needed housing. The prime location is convenient to the water and ferry system with direct service to downtown Seattle.

Project Details

Units:

115 total residential units

40 studios (481 to 530 sqft)

50 1 bed/1 bath (605 to 823 sqft)

20 2 bed/2 bath (980 to 1,061 sqft)

5 live/work units 1 bed/2 bath (1,160 sqft)

Square Feet:
97,169
Entitlements:
Fully Permitted
Construction Length:
20 months
Long Term Financing:
60% Loan to Value Max
Estimated Total Cost:
$34.125 MM
Target IRR:
36.83%