Eastside T.O.D. Investment Opportunity
DOWNTOWN REDMOND, WA | 321 UNITS
Investment Overview
The Seattle Investment Sales Team of IPA has been retained as the exclusive listing brokers for the sale of Riverpark, a 321-unit apartment community with ±3,580 square feet of street-level retail space. Located in downtown Redmond, just blocks from the future Downtown Redmond Link Light Rail Station, which will begin service in 2025, Riverpark offers a unique suburban-urban setting. The community is situated on a quiet cul-de-sac across the street from the popular Luke McRedmond Park and Sammamish River Trail, providing an outdoorsy lifestyle within an urban environment.
Riverpark boasts a Walk Score of 90 and a Bike Score of 84. A plethora of retail, dining, and shopping amenities are just steps away in downtown Redmond. Redmond Town Center, featuring over 110 shops, restaurants, and entertainment venues, is a short 10-minute walk away. Located in the heart of the Eastside’s Tech Corridor, major employers within 10 to 15 minutes include Microsoft’s World Headquarters, Google, Meta, Nintendo, SpaceX, DigiPen, and more. Residents enjoy easy commutes to these employers via the nearby Central Connector Trail and Redmond Transit Center.
Redmond’s population has been booming in recent years; with a population over 76,000, the city of Redmond is expected to grow another 10.4% within the next five years. This growth is being spurred by the strong Eastside employment drivers and the incoming Link Light Rail.
Executive Highlights
Major Technology Employment Base
Minutes to Microsoft’s global headquarters with 50,000+ employees. Other top neighboring technology employers include Amazon, Meta, Nintendo, SpaceX, and DigiPen.
Excellent Connectivity to Transit (T.O.D.)
Residents enjoy easy commutes via the nearby Central Connector Trail and Redmond Transit Center. Link Light Rail’s East Link Expansion anticipated to open in 2025, within blocks of the community, providing access to Bellevue and downtown Seattle.
Core Redmond Location
Located in downtown Redmond on a quiet cul-de-sac surrounded by three parks, Riverpark offers a unique blend of big-city feel and small-town vibe. Just steps away from downtown Redmond, Redmond Town Center, trails, and the Sammamish River. The community boasts a Walk Score of 90 and a Bike Score of 84.
Large, Attractive Floor Plans
Largest podium floor plans in Redmond averaging ±1,004 square feet. Distinctive layouts featuring studio, one-, two-, and three-bedroom homes. Select homes feature dens and lofts with up to 17' ceilings.
Value-Add Opportunity
Original 2010 construction finishes with laminate countertops, overmount sinks, and carpeting throughout most of the homes. Primed for unit interior and common area renovations to capitalize on significant rental upside.
Affordability Compared to Homeownership
High home prices in Redmond close to $1.4M have created significant barriers to homeownership despite the city’s relatively higher disposable incomes compared to other technology hubs on the West Coast. Residents of Riverpark benefit from saving approximately 70% compared to homeownership while still enjoying spacious floor plans.
Community Amenities
Podium-construction located on a quiet cul-de-sac adjacent to Luke McRedmond Landing Park and Sammamish River Trail
Bike and kayak rentals on-site, and bike storage available for lease
Grilling and outdoor gathering areas
On-site theater
Expansive 24-hour fitness center
Resident clubhouse with game room and adjacent kitchen
Business center and conference room
Package receiving room
On-site dog park
Secured parking garage and EV charging stations
Sola salons located on-site
Apartment Home Features
Studio, one-, two-, and three-bedroom homes, with floor plans up to ±2,307 square feet
Two-tone cabinetry with brushed nickel hardware
Stainless steel appliances
Kitchen islands in select homes
Walk-in closets
In-home washer / dryers
Fireplaces and / or A/C ports in select homes
Hardwood-style flooring and plush carpet
Loft units with 17’ ceilings on top floor
Private decks or balconies off majority of homes
Park views from select homes
