Harbor Custom Development Places New Apartment Complex in Yelm on the Market

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People in Yelm may have noticed construction crews building a new apartment complex on Tahoma Boulevard, thanks to Harbor Custom Development’s ongoing Wyndstone Apartments project.

Wyndstone Apartments, a multi-family development, will feature 75 units.

Last week, Harbor Custom Development announced the Yelm apartments are one of six Western Washington apartment projects it recently listed with Kidder Mathews, which total 734 units for a combined value of $278 million.

“Rental rates continue to escalate at unprecedented levels driving up project apartment values as demand for multi-family housing exceeds the limited supply in the Puget Sound region of Western Washington,” stated Sterling Griffin, president and CEO of Harbor Custom Development, in the release. “We are capitalizing on this market dynamic by listing for sale our current owned inventory of six apartment projects totaling 734 units in various stages of construction.”

The listed projects are expected to sell upon completion over the next 24 months. However, there is no assurance that conditions in the real estate market will remain constant, or that the final sales price of each multi-family project will meet expectations.

“We are excited to represent Harbor Custom Development, Inc. in selling their multi-family properties,” stated Austin Kelley, senior vice president at Kidder Mathews, in the release. “Apartment projects in Washington state are trading at historically low CAP rates driving significant value to the underlying asset. The Puget Sound region apartment market … continue(s) to outperform the majority of the country.”

Yelm Public Services Director Cody Colt told the Nisqually Valley News that construction will take place on many projects in the coming years, especially with Yelm eminently receiving new water rights.

“(But) we have to build in a way that makes sense, is diligent, and we are prepared for,” Colt said. “That’s why we have planning (and) why we have engineers.”

He clarified that it’s the development companies that are coming to Yelm to set up shop, not Yelm specifically developing the properties.

“It’s outside developers who are developing these properties, and if they follow our code, our regulations, it’s our duty to let them do what they want with their property,” Colt said. “We support that growth, and the best thing we can do as a city is make sure it is a controlled space.”

He added that Yelm’s planners have ensured that the city’s infrastructure can support the growth.

On a personal note, Colt said he’s lived in Yelm since 1989, and he welcomes the growth.

“When I moved here, Yelm was a one-flashing-light town, and I had one restaurant to go to,” he said. “I think that people are finding out that Yelm is a beautiful, amazing place to live. And I think that everyone that wants to come here, and wants to contribute to our city, should be able to.”

In the release, Harbor Custom Development heralded itself as “an innovative and market-leading real estate company involved in all aspects of the land development cycle.”

Harbor Custom Development is also working on the following developments: Mills Crossing, 366 townhome units in Bremerton; Belfair View, 228 apartment units in Belfair; Tanglewilde, 177 apartment units in Lacey; Pacific Ridge, 80 apartment units in Tacoma; and Bridgeview Trails, 138 apartment units in Port Orchard.

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