What exactly does ‘market-rate’ mean when it comes to apartment homes in Snoqualmie? When it was announced earlier this year that a new apartment development was coming to Snoqualmie Ridge, the term was often used to describe the pricing of the townhome complex. Now that a sign is up announcing leasing for the future units, ‘market-rate’ is officially defined.
On Snoqualmie Ridge, a new 100-unit townhome community will begin renting this spring. According to a sign posted in early November, rental pricing of The Woodlands‘ luxury townhomes and apartments will start at about $2,000 per month.
Located at the corner of SE Swenson Drive and Snoqualmie Parkway, land clearing for the 12-building apartment development began in early summer, followed by months of land infrastructure work. In November, foundations for future units began going in.
The Woodlands will offer 2 and 3 bedroom townhomes with one-car garages, as well as some one-level apartments, all featuring high ceilings, stainless steel appliances and hardwood floors.
Apartment sizes runs about 1,200 – 1,500 square feet. Some units will front Swenson Drive; others will be situated on the rear of the property, lining the woods and two ponds; some will back to Snoqualmie Parkway; and others will be interior units.
Evergreen Housing Development Group is building the Snoqualmie rental complex. They anticipate pre-leasing to begin in January 2014, with units available for occupancy in spring 2014.
A City of Snoqualmie traffic Assessment for the The Woodlands’ land parcel states that Swenson Drive was designed to accommodate future traffic from the apartment development. The land parcel (S-11) was originally designated for retail property, something the traffic assessment says would’ve added more traffic volume to the area than the 100 apartment units.
According to their website, the nearby Echo Ridge Apartments (120 units) rent for about $1,600 – $2,300 per month for 2 and 3 bedroom units.