Mid-rise apartment development adjacent to the University Village lifestyle center is one of the largest housing developments in Seattle since 2020

SEATTLE, May 19, 2026 /PRNewswire/ -- Quarterra, an industry-leading multifamily development and investment management firm, and co-general partner MacNaughton—a premier real estate investment and development company founded in Honolulu in 1975—today announced the rapid advancement of vertical construction at their newest Seattle community. The 796-unit luxury mid-rise property will feature more than 25,000 square feet of premium retail.  

Following an August 2025 groundbreaking and a swift transition into major construction earlier this year, mass excavation work is complete, and utility undergrounding is nearly finished. Concrete pours for the slab-on-grade foundation are ongoing, and second-level pours are advancing as the three connected buildings, sited atop a common podium, rise to their eventual seven-story and eight-story heights.  

Marking the first joint venture between MacNaughton and Quarterra, the community is being developed by the two firms, with MacNaughton joined by its long-standing Japanese investment partners, Nomura Real Estate Development Co., Ltd., Keihanshin Building Co., Ltd., and Kintetsu Real Estate Co., Ltd. This landmark project represents MacNaughton's 11th investment and Quarterra's 14th development in the dynamic Pacific Northwest market.

"This project reflects the kind of alignment we actively seek: an irreplaceable site adjacent to one of the Northwest's premier retail and dining destinations, with direct connectivity to two of the country's strongest job markets," said Ian MacNaughton, Chief Executive Officer of MacNaughton. "Coupled with a neighborhood that boasts compelling long-term fundamentals, we are proud to bring our 50-year legacy of design excellence and people-centered philosophy to this exceptional development."

"After years of planning and design, through a uniquely challenging multifamily market environment, it's incredibly rewarding to see this vertical momentum on site," said Brad Machat, Quarterra's Managing Director for the Pacific Northwest. "This community sits at a genuinely rare intersection of place and connectivity, and we couldn't be more excited to bring it to life."  

Located at 3020 NE 45th Street, the community is directly adjacent to University Village, one of the Pacific Northwest's most celebrated open-air shopping and dining destinations. It sits just 15 minutes from both Downtown Seattle and Downtown Bellevue job centers, with regional connectivity supported by nearby SR 513/Montlake Boulevard, Interstate 5, and SR-520. Public transportation via Sound Transit Link Light Rail's University of Washington Station is within a reasonable walk.

The strategic location offers comfortable commutes to major employers, including the corporate headquarters for Amazon, Google, Meta, Microsoft, Boeing, Expedia, T-Mobile, Costco, Nordstrom, and Starbucks, as well as the University of Washington, Seattle Children's Hospital, UW Medicine, and Harborview Medical Center. Residents will also benefit from proximity to the University of Washington campus and nearby University District and its lively arts and nightlife scene. Nearby outdoor amenities, including Ravenna Park, Union Bay Natural Area, Burke-Gilman Trail, Washington Park Arboretum, Magnuson Park and Green Lake Park offer convenient access to nature and recreation.  

Floor plans range from studios to three-bedroom designs, spanning 555 to 1,114 square feet. Homes will feature technology like digital locks, premium kitchen finishes, and expansive windows designed to maximize natural light. Furthermore, 26% of units will be set aside as rent- and income-restricted under the Mandatory Housing Affordability and Multifamily Tax Exemption programs, offering housing opportunities for middle-income residents.  

A 20,000-square-foot amenity program has been designed to support wellness and community, featuring a second-floor resort-style pool and spa, multiple club rooms, a game room, and a cinema/screening room. Residents will enjoy views of Lake Washington and Mt. Rainier from a top-story lounge, a state-of-the-art 24-hour fitness center with a sauna, bouldering wall, and golf simulator, and well-appointed co-working spaces. The community will also include a dog spa, 620 bike stalls, and additional rentable storage space.

Construction and design consultants include Compass Construction (GC), Encore (Architect), Emerald City Engineers (MEP Design), Vida (Interiors) KPFF (Civil), Fora (Landscape), PanGeo (Geotech), CQN (Structural), Farallon (Environmental), Terrane (Survey), Ground Support (Shoring), TenW (Transportation), Counterbalance (Dry Utility Consultant) and Cross 2 (Envelope).

About Quarterra
Quarterra is a real estate investment firm focused on creating long-term value through the development of high-quality multifamily communities nationwide. With 12 regional offices across 20 states, Quarterra combines institutional scale with local market expertise to deliver purposefully designed rental communities in high-growth markets. For more information, visit www.Quarterra.com.

About MacNaughton
MacNaughton is a premier, family-owned real estate investment and development firm with a 50-year legacy across residential, condominium, hospitality, retail, and commercial asset classes in Hawai`i and across the continental United States. MacNaughton brings institutional depth, a commitment to design excellence, and a people-centered philosophy to every project. For more information, visit www.macnaughton.com.

Media Contact                                      
Marlena DeFalco
LinnellTaylor Marketing                                                          
marlena@linnelltaylor.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/quarterra-and-macnaughton-advance-vertical-construction-on-landmark-796-unit-seattle-community-302775619.html

SOURCE Quarterra