SEATTLE, Wash. – December 3, 2018– Executives of Realogics Sotheby’s International Realty (RSIR) and BDR Urban jointly announce the listing agreement for Encore at Columbia Station Condominiums – a planned 96-unit community located at 4689 Martin Luther King Jr. Way South in Columbia City.
The new multifamily residences will be located adjacent to the Columbia City Station offering quick commutes to urban job centers via LINK Light Rail. In January 2019, RSIR will debut an exclusive release of 25+ attainably priced homes for unit-specific reservations. BDR Urban will also offer qualified homebuyers a rent-to-own opportunity in a first-of-its-kind promotion. Additional inventory will be held for the public sales debut commensurate with the project groundbreaking in spring 2019.
“Encore at Columbia Station represents a paradigm shift in development strategy for Columbia City – not just because it’s for sale, but because it’s so decidedly urbane in concept,” said Dean Jones, President and CEO Realogics Sotheby’s International Realty, the listing firm for the community. “Buyers will enjoy attainable price points, a lock-and-leave lifestyle and the convenience of living within a 15-minute commute to downtown Seattle and less than a 10-minute walk to neighborhood amenities in Columbia City. Encore at Columbia Station offers a compelling alternative to residing in downtown Seattle enjoying the same quality and lifestyle.”
Jones noted that much of Columbia City is defined by zoning that encourages multi-level townhome development, single-family homes and a plethora of expensive apartment buildings. Remarkably, the recent development boom proved to be elusive for condominiums in the area, until now.
“The current choices for new homes at affordable price points are anemic,” adds Jones. “Encore at Columbia Station will introduce ownership opportunities with 5% down payment options and monthly mortgage costs comparable to rent.”
Encore at Columbia Station is designed as a four-story community, which includes an efficiently scaled mix of studio, urban one-, one- and two-bedroom flats (344–966 sq. ft.). Homes will be offered from below $300,000 to more than $700,000. Each residence features voluminous ceiling heights, expansive window walls, engineered hardwood flooring and a European-inspired kitchen with quartz countertops and Bertazzoni stainless steel appliances with induction cooking. Amenities will include concierge services, a coworking lounge, fitness center, great room with exhibition kitchen and a patio. Above all, an expansive rooftop terrace will feature an outdoor BBQ area, an in-building dog run, wrap-around terraces with fireside seating areas and an outdoor theater. The rooftop terrace and many of the homes offer spectacular views of Mt. Rainier.
Encore at Columbia Station is located within steps of Columbia City Station, which benefits from the $55 billion Sound Transit 3 expansion. While the full transportation package will take more than a decade to reach completion, the LINK light rail system is currently operational at Columbia City today. Commuters can reach downtown Seattle or Sea Tac International Airport in 15 minutes.
“Prospective homebuyers no longer need to struggle with long commute times to find attainably priced housing with modern features and amenities,” said Richard Obernesser, President of BDR Urban. “And unlike most exurban communities, Columbia City has a nostalgic heart and soul with a historic Main Street atmosphere that’s been more than a century in the making.”
As a creative response to Seattle’s affordability challenges, consumers will have an option to rent from BDR Urban’s Sonata Apartments directly across the street from Encore at Columbia Station, with a portion of the lease payment to be credited towards the future purchase price of a condominium. As a two-part transaction, the first twelve (12) qualified homebuyers that reserve and later purchase at Encore at Columbia Station will be granted the opportunity to rent at Sonata Apartments with up to 15 percent of the lease payment being credited back to the homebuyer at closing. These reservation holders can watch their condominium being built across the street while renting at Sonata.
“It’s serendipitous that we offer both a new home for rent and a new home for sale in the same preferred location while occupancy is about two years apart,” adds Obernesser “We expect this unique opportunity will make it easier for prospective homebuyers to save for their down payment and help them migrate into ownership.”
Prospective buyers are invited to preview Encore at Columbia Station during a scheduled public “pop up” open house at the Sonata Apartments located at 3000 S. Alaska Street Way in Columbia City beginning in January 2019. During the event, a limited collection of homes will be offered for unit-specific reservations with set price ranges in exchange for a $5,000 fully-refundable deposit.
Reservations will be converted to Purchase and Sale Agreements when the Sales Center opens in the Spring 2019.