Harbor Custom Development, a real estate development company, closed on the purchase of approximately 2.34 acres of land in Burien, Washington, for $2.6 million. The purpose? They will now develop a 112-unit senior condo complex located less than 15 minutes from downtown Seattle. There will be studio, one- and two-bedroom options priced between $395,000 and $495,000, providing a more middle-market housing option for seniors in a market where home prices keep climbing. In King County alone, home prices rose 25% in the last year, with the median selling price of a home rising to $871,000.
The community will be under the “Mira” brand of condominiums, but this represents Harbor Custom Development’s entry into the seniors housing sector. We know much of the interest in seniors housing from outside investors has been directed to active adult since the sector deals with a younger, healthier cohort with minimal staffing needs.
