Home Finance Low Income Housing Institute Buys 36-Unit Apartment Building in Seattle for $10.97MM

Low Income Housing Institute Buys 36-Unit Apartment Building in Seattle for $10.97MM

Seattle, Capitol Hill, King County, Low Income Housing Institute, Neman Taber, Seattle Central College, University of Washington, Broadway Hill Park, Aloha Inn, Arion Court, Renton, Lynwood, Olympia, Bellevue

By Catherine Sweeney 

After recently being completed this year, a 36-unit apartment building in Seattle’s Capitol Hill neighborhood will soon become low income housing. According to King County public records, the property was purchased by the Low Income Housing Institute for $10.97 million, or approximately $304,722 per unit. The seller in the transaction was Prestige Partners Realty Inc., which initially set out to develop the project in 2017. 

The property is located at 506 10th Avenue East. The apartment development reaches four stories and contains 36 studio units which average 416 square feet, according to Neiman Taber, the project’s architect. 

The Capitol Hill neighborhood is home to a variety of nearby amenities, including coffee shops, restaurants and other retail uses. Capitol Hill is also home to Seattle Central College and just south of the University of Washington. In addition, the property is within walking distance of Broadway Hill Park and a short drive to Interstate 5. 

The apartment building’s new owner is an advocacy organization with a focus on aiding Seattle’s homeless and low-income populations. The company was founded in 1991 and has since acquired nearly 50 properties for the creation of more low income housing throughout Seattle and the surrounding metropolitan area. Its first properties include the 57-unit Aloha Inn, at 1911 Aurora Avenue, and the 37-unit Arion Court building, which is located at 1814 Minor Avenue. In addition to Seattle, the company also maintains properties in Renton, Lynwood, Olympia and Bellevue as well as several other nearby communities.