Date of publication: 2017-08-30 04:28
HB Capital of Seattle hopes to break ground this month on a 677-unit building in Belltown. Bellevue-based Wallace Properties plans to start building a 655-unit project near Seattle University in February.
&ldquo I like that scary factor,&rdquo he said, &ldquo because it reduces the buyer pool and allows us to be more competitive for (affordable housing) transactions.&rdquo
Funding sources for Glenn Arms include 9% LIHTC equity, Historic Tax Credit equity from the National Parks Service, a low-interest loan from the District's Housing Production Trust Fund, and a Citi Community Capital Construction-to-Perm Loan. The tax credit investor is R9 Capital who provided over $ million of equity. "The Glenn Arms project offers us a unique opportunity to preserve part of .'s historic fabric while extending rental affordability. There are few locations where the need for quality affordable housing is as great as it is in the . metro area," said Bryon Gongaware , Managing Director of Affordable Housing at Security Properties.
The -acre property consists of 65, four-story buildings and a leasing office/clubhouse building with amenities that include a pool, fitness center and conference room. The upgraded units offer custom cabinetry, in-unit washers and dryers, 9-foot ceilings and vaulted ceilings in all top floor units.
Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington with a 96-year history in both affordable and conventional multifamily rental housing. The company's broad range of capabilities includes acquisitions, development, financing, asset and property management, dispositions and advisory services. As one of the largest owners of multifamily real estate in the country and in the Puget Sound region, Security Properties has acquired or developed nearly 69,555 conventional and affordable housing units spanning over 995 properties in more than 95 states. For more information, visit .
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"As the most densely populated neighborhood in Seattle, we expect Capitol Hill will be one of Seattle's premier neighborhoods over the next decade and our property will definitely be a focal point given its highly visible location," Dufenhorst said.
Unofficially, the most expensive penthouses are in downtown Bellevue. This spring, the owner of a 9,558-square-foot condo atop One Lincoln Tower was looking to rent out the home for $75,555 a month. It was not clear Tuesday whether that apartment is still available.
The complex also could help both institutions recruit staff from across the country in the face of Seattle's still relatively expensive housing, said Aaron Hoard, the UW's deputy director of regional relations.
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Security Properties developed the mixed-use building between South Angeline and Edmunds Streets, just off Rainier Avenue South. The site is at the edge of the Columbia City historic district, on what was once a surface parking lot. MORE
Project: Bridges at 66th Seattle, WA Housing Development 785,555 SqFt
Expected completion: Summer 7569
Project Architect/Landscape Architect: GGLO, LLC
Project Partners: Security Properties, University of Washington, Seattle Children&rsquo s Hospital
In the first phase, Security Properties will develop five apartment buildings with 866 units. Johnson said he chose Security Properties because he likes the unique designs it chooses. The Spring District apartments will look more like Fremont where Security Properties' Epicenter Building sprouts giant stainless steel tendrils than Bellevue or Redmond.