Southeast Effective Development (SEED) and Bayside Communities completed a $50 million rehabilitation and grand re-opening of the Lake Washington Apartments in the Rainier Beach neighborhood of Seattle. The 35 buildings house over 1400 residents, in a total of 379 units, a mix of one, two, and three bedroom apartments that are under the Low Income Housing Tax Credit Program (LIHTC) program.
This garden style apartment property, located near the corner of South Henderson Street and Seward Park Avenue South, is the direct result of a creative partnership between nonprofit, private and public sector entities working together to update housing built in the 1940’s and create a vibrant and thriving affordable housing community. The re-syndicated tax credit financing for this project required no new state or local public funding.
If not for the tremendous effort and unique partnerships between SEED, their community partners, private developer Bayside Communities and public sector financing managed by the City of Seattle, this property may have ended up as luxury condos.
“This community is a success on many fronts,” said SEED Executive Director Lance Matteson. “Not only does it meet resident needs of affordable quality homes, it’s one of the best pedestrian-friendly locations in Seattle next to bus lines, link light rail, recreational areas, schools, the library and major employers. There are also numerous free onsite programs designed to support residents in many other ways – including a youth tutoring program, arts and music classes, English language and citizenship classes, a community vegetable garden, onsite day care and much more. We are delighted to have partnered with Bayside Communities on this project.”
Bayside Communities, a real estate investment company headquartered in Walnut Creek, California, focuses on integrating affordable housing into local communities and putting the community first. Through their affiliate EPMI, they own and manage affordable and market rate multi-family properties across California and the West.
