$50M Makeover for Lake Washington Apartments

$50M Makeover for Lake Washington Apartments

The Lake Washington Apartments in Rainier Beach are about to undergo a huge renovation.

SEED (SouthEast Effective Development), in cooperation with its development partner, Bayside Communities, recently announced that it’s financing the transformation of the affordable apartment complex in Rainier Beach with a $50 million reinvestment package that rolls over part of the property’s current debt and frees $20 million for structural and tenant improvements.

“This comprehensive renovation will greatly improve the home environments of the residents with upgrades to all 366 units—and will add 13 more,” stated Lance Matteson, Executive Director of SEED.  SEED is a Southeast Seattle not-for-profit dedicated to economic, arts-based, and affordable housing development.

According to SEED, the new financing includes $28 million in bonds issued and $12.2 million in housing tax credits allocated by the Washington State Housing Finance Commission.  Other development and funding partners include the City of Seattle, the State of Washington, Citi, R4 Capital, US Bank, and HomeSight.

“Each of these partners has been crucial to this project,” Matteson said.  “We are proud to say that this project is being financed through private equity, with no grants from the state or federal government.”

From the press release:

The 66-year-old apartment complex is among the state’s largest affordable housing developments operated by a non-governmental agency.  A great number of residents are people of color and immigrants from Africa, East Asia, and other countries, as well as a number of people transitioning from homelessness.  Families eligible for housing earn below 60 percent of the area median income.

The renovation will replace roofs and siding, upgrade kitchens as well as bathrooms, and upgrade energy efficiency of lighting, radiant baseboard heaters, and water heaters.  Energy-efficient washers and dryers will be fitted inside the individual apartments, freeing up common areas for new classrooms, study rooms, and activity and exercise rooms.  Completion is projected for August 2015.  The contractor is Synergy Construction, Inc. and property management services are provided by EPMI, a Bayside Company.

The Lake Washington Apartments, located at 9061 Seward Park Avenue South, are situated on a 16-acre site containing over 330,000 square feet of real estate that is adjacent to Lake Washington and Rainier Beach High School.  The site is just a few blocks from the brand-new Rainier Beach Community Center.

 

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