He’s Living in the Upzone

Israel-born Ofer Avnery has a background in computer science. So, naturally, he became a housing developer.

Avnery, who came to the United States in 2011 after selling his business-intelligence company, is now the founder and chief executive officer of Real Wave Capital. The small, Redmond-based prop-tech firm uses technology and software to identify properties in urban neighborhoods that can be upzoned for denser development.

Avnery’s proprietary software platform has already identified 10 projects in several Seattle neighborhoods, including Ballard, Wallingford, Capitol Hill, Fremont, Columbia City and South Park, as prime candidates for development. 

The company specializes in both single- and multi-family projects and is taking advantage of a new Seattle law that allows ADUs (accessory dwelling units) and DADUs (detached auxiliary dwelling units) that are separate structures from the main house, typically located in basements or backyards.

The rental projects target young families and other urbanites who want or need to live close to work. More than 200 residential units are already in the pipeline. Avnery notes that Real Wave’s projects satisfy the city’s desire for more market-rate housing in close-in neighborhoods. 

Next up for Real Wave is expansion to Atlanta, which Avnery’s proprietary system has identified as ripe for upzoning and new development. Under the right circumstances, similar-type developments could work in numerous cities across the United States.

“I believe 10 years from now we’re going to have between 20 and 40 active rental projects in Seattle,” Avnery says, “and I hope to see the same product in at least two or three other major locations in the United States.”