Hyas Point is the newest residential address on the Washougal waterfront, and so far nothing there is for sale. Phase I has 276 apartments in four buildings: Klipsan with 92, Sitka with 40, Broadrock with 95 and Cascara with 49. The homes come as studios, one-bedrooms and two-bedrooms, and the only way in is a lease. If you're relocating to Clark County and have been watching this site as a possible place to buy, that changes your plans. It also creates a short-term opportunity worth understanding before the end of October.
The Port Keeps the Land
Hyas Point sits on the waterfront long known as Parker's Landing, on land owned by the Port of Camas-Washougal. In 2019 the Port picked RKm Development of Portland as its master plan developer. Port commissioners voted unanimously on March 17, 2021, to approve a Master Lease Agreement with RKm, and the Washougal City Council approved the development agreement five days later on a 7-1 vote.
The Port's own meeting record shows how the arrangement was set up. In the commission's discussion of the draft lease, recorded in its March 3, 2021 agenda materials, then-CEO David Ripp said RKm would be the lessee and would handle the site, the infrastructure, the buildings and finding tenants. The record then summarizes the terms:
"The land lease will be a 50-year term with three 10-year options... RKm has 15 years to develop the entire property."
In the same discussion, lease rates were tied to a base land value of about $15.79 per square foot, which reflects what the Port had invested in the site. Port staff said that was a little above appraised value. No rent is owed until a building is occupied, and monthly payments begin in the second year. These terms come from the discussion of a draft, and the full signed lease isn't public in the materials we reviewed. The overall structure is clear, though. A public agency owns the ground, and a private developer builds on it and collects rent.
Why the Waterfront Is Filling Up With Renters
A developer leasing land for 50 years earns its return by renting space out over many years, and the plans so far follow that pattern. No condos or townhomes have been announced or marketed at Hyas Point. The leasing materials list apartments and commercial space only. When RKm presented Phase 2 ideas to Port leaders in August 2024, the Camas-Washougal Post-Record reported that the headline uses were a senior residential center and a full-service athletic club. Nothing we found says the lease rules out ownership units altogether. As of October 2026, nobody is offering them.
The waterfront next door went the same way. Ninebark, built by Killian Pacific just east of the Hyas Point site, was finished in 2023 with 246 apartment homes. Between Ninebark and the river sits Eagle View Park, a one-acre public park owned by the City of Washougal. The Ninebark community maintains it for eight years before the city takes over full responsibility.
When Hyas Point Phase I is finished, this stretch of the Columbia will have more than 500 rental homes and no for-sale homes. Buyers who want to own close to the river will have to look elsewhere in Washougal or Camas. Renters, meanwhile, are about to get far more choice in one place than they've had before.
A Staggered Opening Calendar
The buildings won't all open at once. The developer's published schedule spreads first occupancy over four months:
- Broadrock, December 1, 2026, with the first move-ins
- Cascara, December 18, 2026
- Sitka, January 18, 2027
- Klipsan, March 15, 2027, which completes Phase I
These are scheduled dates, and none of them has been confirmed by occupancy yet. The August 31 construction update had Broadrock finishing punch-list work and Cascara starting unit punch work in October. Sitka and Klipsan were still getting balconies, doors, cabinets and storefronts.
The public spaces are behind the apartments. Phase I plans include a public splash pad and an amphitheater. The developer's June 2026 update reported that the splash pad had broken ground, and the August update described extensive splash pad work still underway. The ground-floor restaurant spaces in the commercial leasing brochure don't have operators yet. They are listed as "Restaurant A," "Restaurant B" and "Restaurant C" in a future phase. If you move in this winter, you'll be living next to an active construction site, with the riverfront features that appear in the renderings still being built.
What the October 31 Offer Is Paying For
Broadrock and Cascara began posting rates and offering tours on September 1. The Broadrock listing page now advertises up to three months free on select apartment homes for applications received by October 31, 2026. Restrictions apply.
Here is a sample of the asking rents posted for Broadrock's second floor at the end of September:
| Unit type | Size | Posted monthly rent |
|---|---|---|
| Studio A | 480 sq. ft. | $1,800 |
| Studio A1 | 464 sq. ft. | $2,175 |
| 1 Bed A, small balcony | 761 sq. ft. | $2,250 |
| 1 Bed A, medium patio | 786 sq. ft. | $2,575 |
| 2 Bed B1, small balcony | 1,033 sq. ft. | $3,550 |
| 2 Bed C3, large patio | 1,271 sq. ft. | $4,350 |
| 2 Bed C, extra-large patio | 1,301 sq. ft. | $4,525 |
Three months free on the $3,550 two-bedroom would be worth $10,650 at face value. What any one tenant actually gets depends on the unit, the lease length and the restrictions the leasing team spells out. The timing explains why the offer exists. The landlord has to fill 276 apartments in four buildings over the next five months. Some of the selling points in the renderings, like the splash pad, the amphitheater and the restaurants, aren't open yet. Ninebark's 246 units next door are competing for the same renters. Multifamily NW, the regional apartment industry association, will release its Fall 2026 apartment report on October 13, and that report will give updated regional rent and vacancy rates to measure this offer against.
The listed amenities are a real draw for people who like being on the water. They include a gear library with electric bikes and paddleboards, storage for kayaks and paddleboards, and non-motorized boat access from the Port of Camas-Washougal ramp, which the listing describes as steps from the front doors.
Hyas Point Rents Next to a Nearby Purchase
The two-bedroom rents look different once you compare them with buying nearby. In the RMLS report for Southwest Washington covering August 2026, Washougal's median sale price for the year to date was $650,000. Washougal had 119 active listings and 30 closed sales that month, and total market time averaged 69 days. Camas's year-to-date median was $798,500, with 223 active listings, 44 closings and 98 days of total market time. Across Clark County, the August 2026 figures show 4.2 months of inventory.
According to Freddie Mac's weekly survey, the average 30-year fixed rate was 7.28% on October 1, 2026. At that rate, a $650,000 purchase with 20% down works out to principal and interest of roughly $3,550 a month. That figure leaves out property taxes, insurance and any HOA dues, and your own numbers will depend on your loan terms. It lands right around the lowest posted Broadrock two-bedroom rent and well below the $4,525 top of the range.
Washougal has been the quicker of the two markets. In August, homes there spent 69 days in total market time, compared with 98 in Camas. Camas also had nearly twice as many active listings. That suggests buyers in Camas have more inventory to choose from and more time to make decisions.
Using the First Winter as a Home Base
A lease that starts in December puts a relocating household on the riverfront during the slower months of the housing calendar, with a few months to learn the area before committing to a purchase. The practical questions follow from that:
- Lease length against your search timeline. Ask how the free months apply on different lease terms. If your plan is to buy within a year, a lease that matches that plan matters more than the biggest possible concession.
- Which building, and when. Broadrock opens first and Klipsan last, in March. If your house search will probably run past spring, a later start date in a later building could line up better.
- What's finished on move-in day. The splash pad, the amphitheater and the restaurant spaces were all incomplete as of the most recent construction update. Ask the leasing team which ones will be open when you arrive.
- Your financing picture. Renting first gives you time to get preapproved and watch rates before you make an offer in Camas or Washougal.
Getting the lease and the purchase to line up is where our team's lending background helps. If you're thinking about renting at Hyas Point while you look for a home to buy, Peter Cutile can help you match the lease term, your preapproval and your search timeline so the move-out date and the closing date line up. Schedule a consultation before the October 31 deadline.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
