Bellevue, WA – [September 11, 2025] – SRM, a leading West Coast development and construction firm, and Haseko North America, the US subsidiary of Japan’s largest condominium construction firm, today announced the closing of their new partnership and groundbreaking of The Perle, a 230-unit luxury apartment community in downtown Bellevue within walking distance of Amazon’s expanding campus and other major tech employers. This 7-story development will offer residents unparalleled access to over 5 million square feet of world-class retail and dining destinations. With its premium location, best-in-class amenities, and limited new construction starts, The Perle will provide highly sought after housing upon its scheduled delivery in late 2027.
“We are excited to partner with Haseko on The Perle, which we hope will be the first of several projects together to address the growing shortage of housing in core markets across the western US,” said Ryan Leong, Managing Principal, SRM.
According to JLL Research, construction starts are down over 70% across primary markets nationwide, with several markets experiencing a complete halt in ground breakings. In the Seattle MSA, the multifamily housing development pipeline has been stalling, with no new starts in Q1 2025 and building permit issuance falling to its lowest level since 2011 providing evidence of the future supply pipeline continuing to diminish.
“Haseko is proud to help bring The Perle to life in Bellevue, one of the fastest growing communities on the West Coast, and we look forward to more opportunities with SRM to expand in similar markets throughout the western US” said Kain Matsumoto, Chairman and President of Haseko North America, Inc.
“We are thrilled to continue our expansion in the PNW. In partnership with SRM, we look forward to delivering quality housing in one of the nation’s leading employment centers” said Laurie Mathers, Head of Investment & Asset Management at Haseko North America, Inc.
Bellevue has consistently outperformed its peers and the U.S. in both population and job growth. The city’s population is projected to continue growing by 20% over the next decade, and its high concentration of corporate headquarters will continue to attract top talent to the region. This growing population and expanding workforce will drive increased demand for residential properties and office spaces, further contributing to the area’s exceptional quality of life.
About SRM Development
Founded in 1999, SRM is a vertically integrated real estate and construction management firm specializing in multifamily, senior housing, affordable, and mixed‑use projects across the western United States. SRM focuses on creating high‑quality, community‑centered developments that deliver long‑term value for residents, investors, and neighborhoods.
About Haseko North America
Based in Irvine, California, Haseko North America is a wholly owned subsidiary of the Haseko Corporation, the largest vertically residential construction firm in Japan. Founded in 1937 and listed on the 1st Sections of Tokyo Stock Exchange in 1965, Haseko has built over 700,000 condos, maintaining a market-leading position for over 50 years. The firm reported annual revenues of $7.87bn, with total assets of $9.13bn in its most recent annual filings.
Media Contacts
Bryan Robinson – bryan@srmdevelopment.com – (509) 904‑9812