Home Finance Units at Mt. Baker Village Apartments in Seattle Sell for $14.75MM

Units at Mt. Baker Village Apartments in Seattle Sell for $14.75MM

By Brittan Jenkins

Mt. Baker Housing Association, a Seattle-based affordable housing group, formed a limited partnership to purchase a number of low-income housing units to redevelop at Mt. Baker Village Apartments. The group currently owns the entire property, and the limited partnership formed purchased property at 2530, 2540, 2554, 2570, 2580, 2555, 2569 29th Ave. S. in Seattle for $14.76 million in a deal that closed April 12.

According to the association’s website, the group plans to build an additional 49 units and renovate 107 existing homes at the complex. The group said it anticipates it will take about two years to fully complete the build out and renovations.

The nine building, 144-unit complex built in 1959 was the first project taken on by the association. The group redeveloped the Mt. Baker Village Apartments after it had been poorly maintained by the previous owner, which left hundreds of low-income residents living in poor conditions, according to the group’s website.

The association originally purchased the property in 1988 when it bought the site off the city of Seattle. The group then rehabilitated the facility in 1988, and it was later completed in 1990. To date, the group has developed and now owns and operates seven low-income and affordable housing units.

The three-story apartment complex offers units ranging from one-bedroom to four-bedroom. Currently, the complex has 56 one-bedrooms, 61 two-bedrooms, 24 three-bedrooms and 3 four-bedrooms. Each of the 144 units have been equipped with energy-efficient upgrades, and prices for the units range from $820 to $1,275.

The building offers an upgraded kitchen and entertainment room, new laundry facilities and an exercise and lounge area. It’s also only two blocks from the Mt. Baker Light Rail Station.

“This is one of the largest affordable housing projects in Seattle, and we are happy to be able to preserve the property for another 30 years,” according to the group in a release.

Requests to Mt. Baker Housing Association for comment were not returned at the time of publishing.