Sierra Construction recently completed River's Edge, a new 166-unit apartment community in Monroe, Washington. Floorplans include 1,2, and 3-bedroom units, designed to be energy efficient, with generous amenities, such as: community room, fitness facility, and community garden, among others. Adjacent to Wood’s Creek and Al Borlin Park, River’s Edge tenants enjoy superior access to those coveted public recreation areas.
The 7-acre River’s Edge property was originally home to a former auto-wrecking yard, and development of the site includes cleanup of contaminated soil.
The development caters to income restricted to families and individuals earning less than 60% of the area median income (AMI) for Snohomish County. The Snohomish County AMI is $110,700 for a family of four, according to HUD 2019 income statistics.
Monroe, like so many other Puget Sound communities, is struggling with a lack of affordable housing, a problem that is exacerbated by low vacancy, lack of inventory, and rising rents. Rents at River’s Edge are as much as twenty percent below market.
The approximately $40 million-dollar River’s Edge development was financed with tax-exempt bonds and low-income housing tax credits (LIHTC), issued by the Washington State Housing Finance Commission (WSHFC). R4 Capital originated both debt and equity.
The development team included owner and developer Rebecca Ralston, Principal and founder of TAP Collaborative, a privately held real-estate development company, in partnership with Affordable Housing Access (AHA), a non-profit housing provider, Sierra Construction, Inc., the General Contractor, SH Architects, CORE Engineering, Landau and Associates Inc., providing environmental engineering services, and Associated Earth Sciences, providing geotechnical services. Indigo Real Estate Services provides property management services.