Reserve at Lynnwood

2/26/2016

 




February 26, 2016


California firm starts 295 apartments for seniors in Reserve at Lynnwood



 




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Construction has begun on Reserve at Lynnwood, a 295-unit apartment building at 19815 Scriber Lake Road in Lynnwood.


The five-story project will provide affordable housing for seniors age 55 and over.


AVS Communities of Laguna Beach, California, is the developer. Charles Morgan & Associates is the architect. Exxel Pacific is the general contractor, and CG Engineering is responsible for planning, and civil and structural engineering.


The complex will have an indoor pool, courtyard, and activity and exercise rooms. Fifty-five surface stalls and below-grade parking for 167 vehicles are also planned.


Frontage upgrades will be done on both Scriber Lake Road and 198th Street Southwest, and new street trees and landscaping will be installed.


Construction is expected to finish in August 2017.


Financing includes a $42 million tax-exempt bond and $19.3 million in low-income housing tax credits through Washington State Housing Finance Commission. Tax-credit equity is estimated over 10 years.


 


 


















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