$26M Richland apartment project is big bet on job growth, tight housing market
AI-generated summary reviewed by our newsroom.
- The Bob apartment project will add 192 rental units to Richland amid stagnant housing supply.
- Phased openings start in late 2026 as vacancy rates tighten near 5%.
- Lower interest rates revived $26M project delayed since early pandemic years.
Amid a modest lull in local apartment construction, a much-anticipated project broke ground this week near one of the busiest roundabouts in the Tri-Cities.
The Bob is a $26 million, 192-unit complex that will soon take shape on a former manufactured home park on Columbia Park Trail, near the Steptoe Roundabout in south Richland.
The Bob is named for the late Robert Young, an influential developer who built some of the region’s earliest complexes.
It is a collaboration between the Young family, which has long owned the 7.2-acre site, and its long-time development partner, SRM of Spokane.
The first apartments will be ready for tenants around Thanksgiving 2026.
The timing is no accident, said Grant Young, Robert Young’s son.
The project was first proposed about five years ago, but Young and SRM paused it during the COVID-19 pandemic. Rising construction costs and interest rates meant it didn’t make economic sense.
That changed this spring when interest rates eased, lowering the cost to borrow money enough to put the project back in the “go” column.
The Bob is one of three projects started recently in Richland. The others are on Jadwin Avenue and Salk Avenue. Together, they will add about 450 new units to the rental inventory.
By comparison, builders added about 840 units in the past 12 months.
Over the same period, demand from tenants expanded by about 830 units, meaning new supply barely kept ahead of new demand, according to new research from Costar, released by TMG, a property development and management firm that’s in the final stages of its ambitious Resort at Hansen Park rental community in Kennewick.
The Bob should open when the slower pace of construction translates into a shortage of apartments for rent.
The vacancy rate is currently 8.3%. The Bob team expects that to drop to 5% when the first units open next November.
“With limited new supply under construction, The Bob’s phased delivery will provide much-needed homes during a tightening of vacancy rates,” it said.
The first phase will open with 72 units and a clubhouse around Thanksgiving, followed by 48 units in February 2027 and the final 72 units in May 2027.
The project features a mix of studio, one- and two-bedroom units averaging 910 square feet.
There will be a pool and spa, communal spaces and 299 parking spots, including 33 in seven garage structures.