Home Finance LIHI Purchases 71-Unit Apartment Building in Seattle for $21MM

LIHI Purchases 71-Unit Apartment Building in Seattle for $21MM

Low Income Housing Institute, Seattle, Capitol Hill, Seattle Public Library, Cal Anderson Park, Seattle Central College, Seattle City Council

By Kate Snyder

As part of a plan that was announced last year to combat homelessness in Seattle, the Low Income Housing Institute (LIHI) purchased an eight-story, 71-unit apartment building for $21 million, or approximately $295,774 per unit, according to King County public records. The seller in the transaction was an entity affiliated with Harvard Lofts, LLC, in Seattle. 

The building is located at 225 Harvard Ave. E in Seattle’s Capitol Hill neighborhood. The building was constructed this year and offers studio apartments, according to Apartments.com.  Nearby attractions include the Capitol Hill branch of the Seattle Public Library, the Cal Anderson Park and Seattle Central College, according to Google Maps. 

In June 2021, Seattle City Council passed and former Mayor Jenny Durkan signed a joint proposal that included $28.5 million from the American Rescue Plan for the acquisition of housing. Part of the funding was to be used to acquire and convert to affordable housing three newly constructed buildings located in Capitol Hill, including the property on Harvard Avenue. The other two buildings that were part of that program were 420 Boylston Ave E, which would provide 58 homes to adults experiencing homelessness or at extreme risk of homelessness, and 506 10th Ave E, which would provide 36 homes to young adults experiencing homelessness.

LIHI is dedicated to developing, owning and operating housing for the benefit of low-income, homeless and formerly homeless people in Washington, according to the group’s website. The organization advocates for housing policies at the local and national levels and administers a range of service programs to assist people in maintaining stable housing and increasing their self-sufficiency. Founded in 1991, LIHI owns and/or manages over 3,400 housing units at 75 sites in six counties throughout the Puget Sound region.

“We believe that innovative partnerships, creative project development and sustainable design features in affordable housing makes for a healthy, strong, and committed community,” the group’s website states.

Another recent purchase made by LIHI was for The Heron apartment building at 1624 E 32nd St. in Tacoma for $22.5 million, or about $274,390 per unit, according to previous reporting from The Registry. That property was sold by Emerald Bay Apartments LLC, an entity linked to Deer Harbor, Wash.-based Chris Robison. In a separate transaction earlier this year, LIHI also bought the 93-unit Dockside Apartments at 6860 E. Green Lake Way N in Seattle for $18.1 million, or approximately $194,623 per unit.