Seattle, September 4, 2018 – Local non-profit and affordable housing developer Mt. Baker Housing (MBH) today announced its purchase of a three-story multifamily residential building Link Studios Apartments in Seattle for $7.5 million. The deal represents the company’s first new construction acquisition and a rare, open-market new construction acquisition by a non-profit developer for affordable housing in Seattle. The seller was Build Urban and was represented by JLL brokers Don Flanigan, Matt Kemper, David Young and Corey Marx.
Located on the corner of South Mount Baker Boulevard and 30th Avenue South at 2939 South Mount Baker Boulevard, the 12,000+ sq. ft., three-story residential apartment building with basement level features 60 studios within an eco-friendly, single wood-framed Four-Star Built Green building. The affordably-priced building will rent to tenants between 40% -60% area median income (AMI).
“While this building was not originally on our radar, as purchasing a new construction, fully leased building never is, after a cursory look into the property we discovered a path to purchase it and ensure it would remain affordable,” said Conor Hansen, Director of Real Estate at Mt. Baker Housing. “With early financial modeling, we quickly realized that with some financial support, it could work. The opportunity to acquire 60 brand new transit-oriented development units at such a low cost was something we knew we had to capitalize on.”
As part of the financing for the $7.5 million purchase, private affordable housing project funder Washington Community Reinvestment Association (WCRA) provided the first position loan at just under $5 million, and the City of Seattle’s Office of Housing provided approximately $3 million.
“I’m thrilled the Office of Housing could act nimbly with our partners at Mt Baker Housing to realize the rare chance to invest in a newly constructed building.” said Steve Walker, Director of the City of Seattle Office of Housing. “These homes in a building close to transit in a vibrant neighborhood will remain affordable for the next 20 years for low-income community members in our City.”
“Funding from the Office of Housing was instrumental in this deal coming together – without their support, it never would have worked,” continued Hansen. “When the deal was presented, the City moved quickly to help us jump at this opportunity. Like us, they recognized the rare opportunity to purchase 60 turn key units that were instantly affordable.”
Additional Affordable Housing in Seattle’s Mt. Baker Neighborhood
Built in 2017, the Link Studios Apartments is located in the popular walkable and bike-able Mt. Baker neighborhood, with excellent accessibility to transit locations nearby, including King County Metro lines and the popular Mt. Baker Station Link Light Rail, just 200 yards from the property.
Featuring 48 above-ground units and 12 basement level homes, units at the Link Studios Apartments include stainless refrigerators and freezers, built-in convection microwaves, subway tile backsplashes in kitchen areas, modern cabinetry and hardware and oversized windows with natural day lighting, to name a few.
The Link Studios is MBH’s ninth affordable apartment project in Seattle. Additional projects include the 156-unit Mt. Baker Village (Mt. Baker), 90-unit scattered sites (Rainier Valley), 35-unit Arbor Woods (Skyway), 30-unit Starliter Apartments (Rainier Beach), 26-unit Crestwood Place (Rainier Valley), 166-unit Maddux project (Mt. Baker), 165-unit Beach Square (Rainier Beach) and the 150-unit Grand Street Commons project (Judkins Park).
About Mt. Baker Housing. Founded in 1988, Mt. Baker Housing (MBH) is a Seattle-based nonprofit low-income housing developer. Its mission is to improve lives and strengthen communities by creating quality, affordable housing and supporting residents in southeast Seattle—including renovating existing properties and pursuing new construction projects. Since its first project, rehabilitation of the nine-building Mt. Baker Village Apartments complex, MBH has since developed (and now owns and operates) seven low-income and affordable housing properties totaling just under 375 units. By furthering its vision that all people, regardless of income, will have secure, affordable places to live—MBH has improved residents’ lives by providing vibrant, affordable communities that residents are happy to call home. For more information, visit: www.mtbakerhousing.org.