Eagle’s Tower Bremerton, WA

This 7-story tower with 5 stories of residential units on top of 2 floors of 75+ 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. Completion and stabilization projected by late 2021.

Project Details

Units:

110 residential units with self-contained parking

Square Feet:
98,440
Entitlements:
Construction start Q2/2020
Construction Length:
20 months
Long Term Financing:
60% Loan to Value Max
Estimated Total Cost:
$34.38MM
Target IRR:
20.49%