Koz on Alderwood
Multifamily | 199 Units
Marketing description
Cushman & Wakefield is pleased to present the exclusive offering of Koz on Alderwood, a 199-unit, newly constructed (2025) multifamily community located at 4301 Alderwood Mall Boulevard in Lynnwood, Washington. Situated within Snohomish County at the geographic center of Lynnwood's emerging urban core, the Property represents a rare opportunity to acquire a brand-new, institutionally finished asset in one of the Pacific Northwest's most dynamically evolving transit-oriented districts.
Koz on Alderwood occupies a singular position in the Lynnwood competitive landscape: it is the newest, highest-quality apartment community in the submarket — and the most attainably priced. While comparable new-construction peers command average rents of $1,869–$2,544 per month, Koz delivers a 2025-vintage, Class A living experience at approximately $1,400–$1,500 per month effective. That gap — 20 to 40% below the comp set — is not a concession of quality. It is a structural competitive advantage that drives absorption, retention, and long-term demand durability.
The Property is a contemporary mid-rise community designed for the modern renter: compact, efficiently planned studios, one-bedroom, and two-bedroom units targeting the high-growth workforce and tech-adjacent demographic driving housing demand across the I-5 North Corridor. The asset is steps from the Lynnwood Transit Center, the northern terminus of Sound Transit's 2 Line (Link Light Rail), which became operational in 2024 and fundamentally repositioned Lynnwood as a live-work destination for commuters serving Downtown Seattle, South Lake Union, Bellevue, and Redmond.
With in-place occupancy of approximately 95% as of mid-March 2026 and demonstrated stabilized operating performance, the Property delivers immediate income with embedded upside as the asset completes its lease-up trajectory and the submarket's secular rent growth story continues to compound. For investors, Koz on Alderwood offers a trifecta of institutional-grade attributes: (1) zero capital expenditure risk given 2025 delivery; (2) a supply-constrained submarket with demonstrable barriers to new competition; and (3) outsized NOI growth potential as rents converge toward stabilized market levels.
Investment highlights
- Transit-supercharged location directly adjacent to the Lynnwood Transit Center, the northern terminus of Sound Transit's 2 Line (Link Light Rail), connecting residents to Downtown Seattle, Capitol Hill, South Lake Union, Bellevue, and the Microsoft/Redmond corridor.
- Deep discount to replacement cost — current ask represents a meaningful spread to estimated replacement cost of $900+ per square foot for comparable new construction in Snohomish County.
- The newest asset in the Lynnwood submarket at the most attainable price point — Koz delivers Class A, 2025-vintage living at rents 20–40% below every other new-construction competitor in the immediate trade area, driving superior absorption and retention.
- Proven lease-up velocity — from ground-zero occupancy at construction completion, the asset achieved approximately 95% occupancy within the first year, validating demand and operator execution.
- Lynnwood submarket experiencing transformational rent growth tailwinds as the Link Light Rail's opening compresses the lifestyle cost-benefit gap with urban Seattle neighborhoods commanding $2,400–$3,200/month.
- Seattle-region supply cliff approaching — rising construction costs, elevated cap rates, and tightened construction lending have materially reduced new multifamily starts in Snohomish County, protecting NOI growth for existing owners.
- Efficient studio-dominant unit mix (79% studios, 9% one-bedrooms, 12% two-bedrooms) calibrated to the cost-conscious but quality-seeking workforce renter, delivering strong absorption and low turnover risk.
- Favorable financing environment with strong DSCR of 1.28x at pro forma and 1.31x at close, supporting a broad lending universe including agency, life company, and CMBS executions.
- Irreplaceable land constraint — at 176 units per acre on a 1.13-acre site, the site density is essentially unreplicable under current zoning, providing durable competitive protection to the existing asset.
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