June 29, 2015

126-unit Trek opens soon, bringing Seattle-style apartments to Auburn

Photo courtesy of Studio Meng Strazzara [enlarge]

Trek is a short walk from the Sounder rail station, and rents are about $2 a square foot — versus $3 in Seattle.

Auburn's first downtown apartment complex is set to open soon.

An entity related to Auburn-based Landmark Development Group is completing Trek, the 126-unit complex at 2 E. Main St. that was designed by Studio Meng Strazzara. Landmark is the contractor.

Landmark just started marketing the building, and Charles Strazzara of Studio Meng Strazzara said about 25 percent of the units are leased.

Here's one big draw: lower rent for units that are similar in design to the new ones going up in Seattle.

Rents at Trek begin at about $1,300 a month, or about $2 per square foot. Compare that to more than $3 per square foot that is common at new Seattle projects.

Landmark can charge lower rents because the land cost was low. Property records show an entity related to Landmark paid just $1.425 million — or about $29 per square foot — for the land in 2013.

The city owned the site, Strazzara said, and really wanted new development there. City officials basically stripped all zoning from the site, and told the developer to build whatever was feasible.

The city also worked with the developer on permitting, and Landmark got a building permit in about four months.

Soon after buying the site, the project team decided to do housing.

“The only way to engage downtown is to have people live there,” Strazzara said.

Landmark put in many of same amenities found in new Seattle projects: a central courtyard with two barbecues and a fire pit; a lounge with a fire place and kitchen; and a gym. The site is about a two-minute walk from the Sounder rail station.

Neighborhoods in Seattle continue to thrive, but Strazzara said he is seeing a lot more activity in suburban areas near transit. He is working on projects in Kent, Federal Way, Shoreline and Edmonds.

Living in outlying areas such as these can save renters about $1,000 a month compared with new Seattle apartments. As long as there is reliable transit nearby, Strazzara said projects built in an urban style rather than the old suburban garden style do well.

Strazzara said it wasn't easy being the first to build apartments in downtown Auburn. It was hard to sell lenders on the vision and some developers are hesitant to try something new.

“Someone has to build it first in these cities, and then the others will follow,” he said.