Sage Apartments to Offer Community Services After Upgrade

Alliant Strategic Investments II LLC and its partner Nuveen Real Estate recently acquired a 123-unit market-rate multifamily housing property, Sage Apartments, in Everett, WA. The acquisition included a first mortgage loan from Freddie Mac and supplemental debt provided through the Amazon Housing Equity Fund. JLL underwrote both the Freddie Mac and Amazon loans. This complex transaction involved the purchase of membership interests in multiple limited liability companies.

“This transaction demonstrates how catalytic capital with institutional equity can be combined to address affordability in a high-growth corridor without the use of local, state or federal subsidy,” said Pamela West, managing director of Nuveen Real Estate.

Consistent with the partners’ commitment to creating and preserving affordable/workforce housing, all of the units will now be subject to rent and income restrictions. The business plan provides that all units are to be restricted to residents earning less than 80 percent of area median income. The restriction will be in place for a period of 99 years.

“With the support of our partner, Nuveen, and the collaboration of JLL, Freddie Mac and Amazon, we will invest in the renewal of the property and provide community-oriented services, resulting in an enhanced residential experience at Sage,” said Russell Ginise, president of ASI. “Their contributions will serve to reinvigorate this property and result in a thriving workforce community for many years to come.”

Located 25 miles north of Seattle, Everett is the largest city in Snohomish County and one of the largest cities in the metropolitan area and the Puget Sound region.