Projects

Tri Cities Development 3

Overview

The 318 unit Apartments at Horn Rapids complex will help supply the high demand for housing that has been created due to the increase in jobs and lack of new housing starts due to the reduction of conventional lending for new construction projects since the beginning of the economic downturn in 2008. The garden style apartments located within the master planned golf community consist of 1, 2, & 3 bedroom units with garages-a highly desired benefit for professionals, students and families.

The Apartments at Horn Rapids Project will offer tenants convenient access to new retail centers housing both Target and Wal-Mart nearby, as well as existing retail in Richland. In addition, the site is close to Handford Nuclear Energy Reserve, Pacific NW National Laboratory, Tri-Cities Research District, the Department of Energy, Kadlec Hospital and Washington State University Tri-Cities Campus—all great sources of tenants for the project.




Target Market

The tenant profile for rental units in the subject market is diverse, including professional and nonprofessional singles, students, couples and families. Area property managers indicate that the majority of tenants are employed by a wide variety of employers, with a range that includes hospitals, universities, and the Research District and Hanford employees. The tenant profile for the subject is expected to include a significant number of professional and white collar workers.

The apartment development will be the newest apartments in the area in the past 6 years by the time it is open for occupancy. The units are designed in a garden style, which offer more windows, more open areas and a high proportion of green space for leisure use. Many units will have garages or carports, and all units will be equipped with modern appliances, granite counter tops and gas fireplaces. Additionally, the complex will have multiple BBQ stations interspersed throughout the property as well as two large park areas that will each have fitness centers and pools.


Competitive Strengths

The Apartments at Horn Rapids competitive position is enhanced by the following factors:

  • No new apartments built in the last 5 years
  • The Richland area has convenient access to new retail centers with Target and Wal-Mart as well as existing retail in Richland and close access to employment at Hanford and the Tri- Cities Research District. These employers will likely to provide tenants for this development
  • The development has good access to transportation routes, schools, employment and commercial services
  • The development has a mix of units which are in demand among young professionals and families in this market area
  • Vacancy is low and rents are on the increase, and this bodes very well potential for this development

The Need

The apartment market is currently under-supplied and experiencing increasing rents due to high demand. Rents have been increasing 5-8% per year over the past three years. As stressed above, the designated property for this development is well-located in relation to transportation routes, large employers, and university and community amenities, such as schools, shopping and recreation.

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