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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.
- ◦Sale/Acquisition
