Villages at Cascara – Redmond, WA
For registered members only
Property Type: Sold
Property Status: SOLD
This investment offering provides the purchaser an opportunity to capitalize on a well-positioned Puget Sound asset in the sought after Trilogy at Redmond Ridge Master Planned Community. Cascara at the Villages is comprised of 5.95 acres, improved with infrastructure and able to accommodate 82 future homes. With modest alterations needed in the current completed infrastructure we believe the roughly $54,000/lot acquisition price allows the new developer great upside. Redmond Ridge/Trilogy at Redmond Ridge is arguably one of the most successful master planned communities ever developed in the Puget Sound Marketplace. It is over 2000 acres, much of which is dedicated to open space and common-use facilities. It is strategically located just minutes from the Microsoft Redmond Campus and the Eastside Tech Corridor. The property offers a tremendous value proposition to homebuyers. It contains a myriad of housing types, a town center complete with a 125,000/sf of retail/office including a full service QFC Grocery, 15 miles of outdoor hiking trails, a 32,000/sf community clubhouse and the highly acclaimed Golf Club at Redmond Ridge, just to mention a few amenities.
Villages at Cascara is located in the heart of Redmond Ridge and close to the retail component provides excellent access for its future owners. Under the current “already improved” design, 116 age and income restricted condominium homes could be built. As noted, there is flexibility to alter the current plan should the new owner want to design their own product. The current developer is processing a proposed 82 unit redesign of the remaining development through a proposed CSDP Site Plan Amendment. We believe it will be prudent to develop the remaining lots under the new proposed design.