Quarterra Multifamily and QuadReal Celebrate Strong Lease-up Start at The Piper Apartments

Rhea-AI Summary

The Piper, a 284-unit luxury apartment community in Redmond, Washington, developed by Quarterra Multifamily (a Lennar Corporation subsidiary) and QuadReal Property Group, has achieved significant leasing success. The property has reached 60% leased and over 50% occupied within six months of opening in August 2024.

Located adjacent to the 640-acre Marymoor Park, The Piper features two five-story buildings connected by an artistic pedestrian walkway. The development offers units ranging from 475-square-foot studios to 1,400-square-foot three-bedroom layouts. Key amenities include a resort-style pool and spa, outdoor sauna, coworking space, club room, and kids' play areas. The property's location near the upcoming Southeast Redmond Light Rail Station (opening May 2025) will provide convenient access to Bellevue and Seattle's tech hubs.

Positive

• Strong leasing performance with 60% leased and 50% occupied in just 6 months
• Strategic location next to 640-acre Marymoor Park and upcoming light rail station
• Diverse unit mix from studios to three-bedrooms catering to different market segments
• Extensive amenity package including pool, spa, sauna, and coworking spaces

Negative

• None.

Redmond, Wash. community already surpassed 60% leased

REDMOND, Wash., May 9, 2025 /PRNewswire/ -- The Piper is proving to be one of Redmond's most in-demand rental communities, with strong leasing momentum continuing at the 284-home luxury property. Developed by Quarterra Multifamily, a subsidiary of Lennar Corporation, in partnership with global real estate investment, operating and development company, QuadReal Property Group, The Piper offers an exceptional living experience along the scenic Marymoor Park.

Since opening its doors in August 2024, The Piper has rapidly gained traction, reaching 60% leased and over 50% occupied after just six months. The community's appeal stems from its seamless integration of thoughtfully designed homes and an active lifestyle, complemented by a market-leading suite of amenities. Residents enjoy a resort-style pool and spa, outdoor sauna, coworking space, expansive club room, and dedicated kids' play areas—all set against the stunning 640-acre Marymoor Park. As a regional hub for outdoor recreation, the park offers extensive trails, sports facilities, a 40-acre dog park, a climbing wall, and a vibrant summer concert series.

"We knew The Piper would offer something special to the Redmond market, and the overwhelming response from renters confirms it," said Brad Reisinger, Regional President of Quarterra. "The ideal location, exceptional amenities, and attention to detail in the community design sparked strong interest from those seeking an elevated living experience. Even during the challenging winter leasing season, we saw strong leasing traffic as prospective residents were drawn to the community.  We are excited to see leasing accelerate as we enter the summer season and with the opening of the Marymoor light rail station."

Designed to foster community and creativity, The Piper consists of two five-story buildings separated by a pedestrian art walk featuring one-of-a-kind murals and sculptures in association with Redmond's public art program. Residents can choose from three distinct home designs, ranging from 475-square-foot studios to spacious three-bedroom layouts with up to 1,400 square feet. The community's highly walkable location is just blocks from the Southeast Redmond Light Rail Station, scheduled to open in May 2025. This station will provide seamless access to Bellevue and Seattle, conveniently linking residents to major tech hubs and employers across the region.

"The Piper is one of three joint ventures between Quarterra and QuadReal in the region, alongside Spectra in Marymoor Village and Ovation in Seattle's First Hill neighborhood," said Daniel Glicksman, Managing Director, Americas, QuadReal. "We continue to have a strong conviction and long term view of the living sector in the United States, and working with partners to bring quality housing to key markets."

This is also Quarterra's eleventh development in the Seattle metro area over the past decade, joining Atlas, Axle, The Bower, Ovation, Spectra, Twenty20 Mad, Valdok I & II, The Whittaker, and Tavin in Crown Hill.

About Quarterra Multifamily
Quarterra Group, Inc., a wholly-owned subsidiary of Lennar Corporation (NYSE:LEN and LEN.B), is a multi-strategy, real estate focused, alternative asset management company comprising three rapidly growing verticals: Multifamily, Single-Family Rental, and Land. Launched in 2011, Quarterra Multifamily, previously known as LMC, is among the nation's most active developers, builders, and managers and has been on the National Multi-Housing Council's (NMHC) annual Top 50 list for nine consecutive years.

Quarterra creates extraordinary communities where people can live remarkably.
www.Quarterra.com

About QuadReal Property Group 
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management are $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, through operating platforms in which it holds an ownership interest via programmatic partnerships.  

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

Excellence lives here.   
www.quadreal.com 

Media Contact
Marlena DeFalco
LinnellTaylor Marketing
303-682-3943                         
marlena@linnelltaylor.com

Hannah Wanlin
QuadReal Property Group
416-881-5129
Hannah.wanlin@quadreal.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/quarterra-multifamily-and-quadreal-celebrate-strong-lease-up-start-at-the-piper-apartments-302452746.html

SOURCE Quarterra

FAQ

What is the occupancy rate at The Piper apartments in Redmond?

The Piper has achieved over 50% occupancy and is 60% leased within six months of opening in August 2024.

What amenities does The Piper apartment complex offer?

The Piper offers a resort-style pool and spa, outdoor sauna, coworking space, club room, kids' play areas, and access to Marymoor Park's recreational facilities.

What types of apartments are available at The Piper in Redmond?

The Piper offers three distinct home designs ranging from 475-square-foot studios to three-bedroom layouts up to 1,400 square feet.

How close is The Piper to public transportation in Redmond?

The Piper is located just blocks from the Southeast Redmond Light Rail Station, which is scheduled to open in May 2025, providing access to Bellevue and Seattle.

Who are the developers of The Piper apartment complex?

The Piper was developed by Quarterra Multifamily, a subsidiary of Lennar Corporation (LEN), in partnership with QuadReal Property Group.