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Downtown Bellevue Apartments Purchased for $29M
The Low Income Housing Institute (LIHI) is purchasing the Aventine Apartments, a six-story, 68-unit building located in Bellevue’s downtown neighborhood at 211 112th Ave NE. The 74,152-square-foot property includes studios and one- and two-bedroom apartments. The Aventine is located near the new Sound Transit East Main Station, Bellevue City Hall, I-405, shopping, and amenities.
Bellevue Mayor Lynne Robinson said, “This purchase represents a successful collaboration between the City of Bellevue, LIHI and Amazon that will ensure people can afford to live and work in downtown Bellevue for decades to come.”
LIHI will operate the property as affordable housing, serving households at or below 30, 50 and 80% AMI. Acquisition financing includes the City of Bellevue, ARCH, WSHFC Nonprofit 501(c)3 bonds, KeyBank, Amazon Housing Equity, Greystar, and Lucky 7 Foundation. Later this year, LIHI will apply for funds from the state Housing Trust Fund.
