SRM is pleased to announce that it has closed on its first “affordable housing” transaction in partnership with The Urban League of Metropolitan Seattle. Together we were able to permanently preserve 354 units across six building as affordable housing. The $97 million dollar deal would not have been possible without project financing support from Amazon’s Housing Equity Fund and the City of Seattle’s Office of Housing, which creates the opportunity for long-term affordability for residents with low and moderate incomes.
Located in Seattle’s popular Eastlake, Lower Queen Anne, Roosevelt, and West Seattle neighborhoods, the six properties include small efficiency dwelling units (SEDU) and will serve tenants whose incomes range from 50 percent (or below) of the Area Median Income (AMI) up to 80 percent of AMI. Affordable rents will be preserved for 99 years with increases not exceeding three percent per year for income-qualified residents.
“To preserve this number of units at these rents is a once-in-a-blue-moon opportunity,” said SRM Managing Principal of Affordable Housing Conor Hansen. “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. We would not be here without the vision, strong partnership and commitment from the Urban League, Amazon, and the City of Seattle’s Office of Housing. These are the partnerships we need to battle against the affordable housing crisis.”
Located across Seattle, the six properties include:
- The Alloy, located in lower Queen Anne at 802 5th Ave N and featuring 68 units;
- Brooklyn 65 at 1222 NE 65th St in the Roosevelt neighborhood, including 55 units;
- Luna, featuring 71 units in the Roosevelt neighborhood at 6921 Roosevelt Way NE;
- Track 66, located in Ravenna at 836 NE 66th St, including 75 units;
- Vega at 4528 44th Ave SW including 58 units in Seattle’s Junction neighborhood; and
- Yale in Eastlake featuring 27 units at 2037 Yale.
All buildings feature sustainable designs and technologies that support a low carbon footprint.