Construction on a new apartment complex will begin next month downtown after the old Redmond Athletic Club was recently purchased.

Mill Creek Residential bought the 1.8-acre plot for $14 million. The land was valued at roughly $5 million on the King County GIS system.

Senior managing director Sean Hyatt said they plan on turning the site into a 300-unit apartment complex called the Modera Redmond.

“We closed on the land last week,” Hyatt said during an interview last Friday.

Most of Mill Creek’s permits have been secured or are in the process of being finalized, and entitlements are completed, Hyatt said.

In addition to the housing units, the complex will have some 300 parking spots, five stories and a rooftop area.

Hyatt said the development will be one of the only in Redmond to have rooftop access where there will be a club room, rooftop deck and amenity area, which he said were recently allowed under Redmond city code.

“It’s obviously a sizable deal, and I think it’s a great opportunity for us, and we hope that the City of Redmond and the community agrees,” he said.

Hyatt said they chose the location because of its proximity to Seattle and Bellevue, but also because of Redmond’s growth.

It will also be a transit-oriented development, though it will not be mixed-use. There will not be retail spaces at the ground floor.

Construction is expected to take two years and is located at 8709 161st Ave. N.E.