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Seattle & Northwest  + Seattle  + Apartments  | 
SRM & Urban League Partner in $97M Affordable Housing Deal

SRM & Urban League Partner in $97M Affordable Housing Deal

SRM Development and The Urban League of Metropolitan Seattle have preserved 354 units across six apartment buildings for Seattle affordable housing. The $97 million transaction was made possible with financing support from Amazon’s Housing Equity Fund and the City of Seattle’s Office of Housing.

“Bringing brand new units to market can take up to five years, and with rents rapidly rising we knew there was urgent need to preserve affordability now by purchasing these new, high-quality buildings,” said SRM’s Conor Hansen. The properties will serve tenants whose income ranges from 50% or below to 80% of the Area Median Income.

Located across Seattle, the six properties include:

  • The Alloy, 68 units in the lower Queen Anne neighborhood
  • Brooklyn 65, 55 units in the Roosevelt neighborhood
  • Luna, 71 units, also in the Roosevelt neighborhood
  • Track 66, located in Ravenna featuring 75 units
  • Vega, 58 units in the Junction neighborhood
  • Yale, 27 units in Eastlake

All buildings feature sustainable designs and technologies that support a low carbon footprint. Redside Partners will be the property manager for the communities.

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Inside The Story

SRM DevelopmentUrban League of Metropolitan SeattleAmazon Housing Equity FundCity of Seattle Office of HousingRedside Partners

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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