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BRIDGE Housing, Amazon Collaborate on Kirkland Affordable Conversion
Nonprofit affordable housing owner and developer BRIDGE Housing has acquired Vue Kirkland Apartments in Kirkland, WA and will convert all 200 market-rate units into affordable. It represents the largest market-rate conversion by BRIDGE and also represents another collaboration with Amazon, which is financing a 234-unit BRIDGE development in nearby Bellevue.
“Converting market-rate units is a critical strategy in our mission to increase the supply of long-term
affordable housing where it’s needed most – in high-demand, high-cost markets like Kirkland,” said BRIDGE Housing president and CEO Ken Lombard. “We’re proud to expand our presence in the Seattle area and we deeply appreciate the support of our municipal and financial partners, including Amazon, in making the Vue Kirkland acquisition possible.”
BRIDGE plans to convert all 200 units through natural turnover into rent-restricted apartments. As part of a partnership with the City of Kirkland and ARCH (A Regional Coalition for Housing), BRIDGE will receive a property tax exemption which progressively rises to 100% as Vue Kirkland’s units are converted.
- ◦Sale/Acquisition
