New Homes in Covington, WA The Terrace is a luxury new home community featuring 11 homesites in the growing city of Covington. Uniquely located along the new Covington Connector, and within 1 mile of the highly anticipated shops at LakePointe Urban Village, these new luxury homes in Covington offer the sense of small town charm paired with a vibrant mix of restaurants, entertainment, shopping, and outdoor activities.