Article by CoStar.
Canadian builder Intracorp has nearly finished the first apartments at a $150 million, 474-unit project in Marysville, a fast-expanding hub of multifamily development near Seattle.
The Vancouver, British Columbia-based developer started leasing 228 units at Motto, a roughly 20-acre development at 2100 172nd St. NE in the Lakewood neighborhood of Marysville, a city about 34 miles north of Seattle that has added thousands of apartments over the past decade.
The initial units are expected to open in the first weeks of the new year and Intracorp expects to break ground on the 246-unit second phase of the project this spring. The company’s Intracorp Homes construction division is the general contractor for Motto, and Northwestern Mutual Life provided financing.
Such north Puget Sound cities as Marysville, Snohomish, Lake Stevens and Mill Creek have experienced some of the fastest employment and population growth in the region, according to CoStar
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Multifamily developers have responded to the activity, with 1,400units under construction in the submarket in 2021, when Intracorp started planning the Motto project.
“Regional job growth has found Marysville, particularly the nearby Cascade Industrial Center, which has recently added thousands of new jobs in high-tech manufacturing, packaging and distribution,” Intracorp Regional President Paul Bottge said in a statement. “It was clear to us when we started assembling the land back in 2021 that Marysville was more than a bedroom community.”
Motto will have a clubhouse, pool, spa and fitness center, a game lawn, outdoor fire pits, dog parks and a pickleball court. The development will have one-, two- and three-bedroom floor plans ranging from 614 square feet to 1,221 square feet.
Intracorp, founded in 1976, has developed 184 projects totaling more than 25,000 units. The company has active developments in British Columbia, Washington, California and Austin, Texas.
Read the article here.
Learn about Motto here.