REDMOND, WA – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced the groundbreaking of Modera Overlake, a luxe mixed-use apartment community in Eastside Seattle near the Redmond Microsoft Campus.
The community, which will feature 288 apartment homes and 3,600 feet of ground-floor retail space, is located 13 miles east of Seattle along the Redmond/Bellevue border. The property is within a 10-minute walk from the future Overlake Village Light Rail Station and Microsoft’s World Headquarters.
“With Microsoft rapidly expanding its headquarters, demand for quality housing in the area will be high,” said Steve Yoon, managing director of development for Seattle for Mill Creek. “We have always been a fan of the Overlake neighborhood, with its plentiful amenities and transportation access to the greater Puget Sound marketplace. With the commencement of construction on Modera Overlake, we are keen to help address the neighborhood’s impending demand and offer a high-quality living experience to our future residents.”
Situated at 15350 Bel-Red Road, Modera Overlake will offer studio, one- and two-bedroom homes with select den and townhouse layouts available. The community will feature a deluxe array of community amenities, highlighted by an eighth-floor rooftop clubhouse with expansive deck and panoramic views of Bellevue and Redmond. The community will also include an outdoor plaza, spacious lobby with vaulted ceilings, conference room, co-working lounge, coffee bar, clubhouse, theater room, DIY room, and a fitness center. Residents will also have access to dedicated bike storage, automated package lockers, and secure resident storage in the lobby and garage areas.
Apartment interiors will be delivered with stainless-steel gas ranges, quartz countertops, wood-plank flooring, kitchen tile backsplashes, upgraded fixtures and roller shades. Select homes will include private patios or balconies, separate dining areas, breakfast bars and walk-in closets. Residents will also be equipped with a controlled-access guest system.
Modera Overlake marks Mill Creek’s third community in Redmond, joining Modera Redmond and Modera River Trail. Modera Redmond is located about five miles to the northeast near Bella Bottega Shopping Center and started leasing in winter 2019. Modera River Trail, located across the street from Redmond City Hall and one block from the Sammamish River Trail, is under construction with an anticipated completion in early 2022.

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SEATTLE, WA – While the for-sale market has shaken off the early impact of the coronavirus pandemic and resumed its torrid pre-pandemic pace, rent growth hit the brakes this spring. Rent prices in urban areas have slowed more than those in suburban areas, Zillow data shows, a possible signal that renters’ preferred location is tilting toward the suburbs.
Rents were chugging along at a stable pace into the early part of this year, but the spike in unemployment has hit renters more severely than homeowners, and millions have went back in with parents or grandparents, impacting demand for rentals. That’s caused the rate of rent growth to slow from February to June.
During that period, rent price growth has slowed more in urban ZIP codes than in the suburbs — annual rent growth has slowed two percentage points in urban areas, compared to 1.4 percentage points in suburban areas. That is a subtle split, but it goes against the trend seen just before COVID-19 hit the U.S., indicating the shift was influenced by the pandemic. Urban and suburban renters alike are missing rent payments or have went home during the pandemic to a similar degree, but typically less expensive suburban rentals may now be more appealing for those who no longer need to commute or are temporarily unable to delight in some of the amenities of urban living.
Renters usually have more flexibility than homeowners given their relatively small lease terms, and rent prices are often quicker to go as a result. Zillow search traffic data does not yet show home shoppers are more interested in suburban homes than in past years, and both areas are seeing similar home-value growth, time on market, sales above list price and rate of newly pending sales. Survey results, but, indicate working remotely is causing many to reconsider their options. If this early shift in the rental market is indicative of a more widespread change in preferences, similar changes to the for-sale market could follow, but the economic impact on renters may be playing a larger role.
“It’s vital to separate how much of the trend we are seeing comes from shifting tastes as opposed to the economic reality that renters face,” says Zillow economist Joshua Clark. “It may be tempting to conclude that urban renters who have been cooped up without outdoor space and unable to visit their favorite local bar are ready to commit to suburban life, and that is likely right for many. But that narrative ignores the job loss that has hit renters, who are disproportionately employed in the industries most affected, and has likely played a larger role in recent moves.”
This split between urban and suburban rent growth was present in more than half of large U.S. metros studied. The largest gaps were in Dallas-Fort Worth, Sacramento, San Francisco and the greater New York metro.
Not all markets are following this pattern. Urban rent growth has been stronger than suburban growth in some metros, and that difference is largest in Kansas City, Detroit, Baltimore, Riverside and St. Louis. Rents in both urban and suburban areas of Kansas City are accelerating, but urban rents are to a greater degree. Baltimore rent growth was softening before the pandemic, and has continued on that trajectory.

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GATLINBURG, TN – FOURMIDABLE, a national real estate property management and brokerage firm currently managing 14 communities throughout Tennessee, announced the opening of Watson Glades Place, its newest community in Gatlinburg.
“FOURMIDABLE is proud to have been working with the members of this ownership group since 2007 and have built a strong professional relationship. We are extremely excited to be part of the city and looking forward to managing such an upscale community,” said Michael Schocker, President of FOURMIDABLE. “Watson Glades Place is going to be a wonderful addition to the Gatlinburg area.”
Watson Glades Place offers residents 80 one, two and three bedroom homes. The newly constructed, energy efficient community features fully equipped kitchens with dishwashers, in-unit washers and dryers and vaulted ceilings.
The community will also offer residents an outdoor pool, business center, fitness center, furnished clubhouse and playground.
Watson Glades Place is being developed in cooperation with the Tennessee Housing Development Agency under the Low-Income Housing Tax Credit program. The general contractor is BACAR Constructors of Nashville, Tenn. The developers for the property are Watson Glades Place 2017 Limited Partnership.
The first residents went into their gorgeous new homes in late July. Rental rates for Watson Glades Place range from $595 to $795 a month. There are income limitations for residential applicants based on the area median income, but no direct rent subsidies are offered at the community.

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