By Jack Stubbs
The Low Income Housing Institute (LIHI)—an affordable housing developer that develops, owns and operates housing for low-income, homeless and formerly homeless individuals throughout Washington State—recently added another Seattle apartment complex to its portfolio.
On March 19th, LIHI spent $18.3 million, or around $240,800 per unit, to acquire the Clay Apartments, a 76-unit property in Seattle’s ever-dynamic Capitol Hill neighborhood. The seller of the property was Blueprint Capital REIT, Inc., a firm that provides construction financing to small-scale builders and develops income producing properties.
The Clay Apartments, located at 600 and 602 E. Howell St., is a 7-story complex that LIHI acquired to serve homeless individuals and veterans, according to a press release on the company’s website. “The acquisition of the Clay Apartments is an unprecedented opportunity to capitalize on the current market conditions to quickly and cost effectively provide housing for the most vulnerable populations,” the release states.
Clay Apartments provides its residents with a variety of amenities including employment opportunities and services and close proximity to several high-capacity bus lines. The property, which includes 70 SEDUS and 6 lofts, also features indoor/outdoor amenity areas, a rooftop deck and outdoor courtyard.
The seller also agreed to build out the commercial space into community space that will ultimately host additional case management offices, a computer lab, a community kitchen, and a communal sitting area, LIHI’s website states.
The property is just two blocks east of Cal Anderson Park and adjacent to Seattle Central College, and is less than two miles from Seattle’s Central Business District.
LIHI’s recent capture of the Capitol Hill property adds to its growing portfolio of affordable housing properties throughout the Puget Sound region.
Founded in 1991, LIHI has grown to be one of the most productive affordable housing developers in the Northwest. The developer owns and/or manages over 2,200 housing units at 60 sites in six counties throughout the Puget Sound region, according to its website. Eighty percent of LIHI housing is reserved for households earning less than 30 percent of the area median household income.