We would like to congratulate the Low Income Housing Institute (LIHI) on closing the acquisition of a seven-story apartment building in Seattle’s Capitol Hill neighborhood that will be transformed into affordable housing. LIHI expects that the Clay apartments, which were initially developed as market-rate housing, will soon house 75 low income residents, including 20 homeless veterans. These apartments will provide permanent supportive housing. The sale price is approximately $18.2 million.
LIHI, which was founded in 1991, is an affordable housing developer that develops, owns and/or manages more than 2,400 housing units at 65 sites in six counties in the Puget Sound region. The organization dedicates 80% of its housing to households earning less than 30% of the median household income for the region. LIHI also acts locally and nationally as an advocate for equitable housing policies and offers a range of supportive service programs to its tenants.
The Stoel Rives deal team handled the acquisition and financing of the project. The team was led by Sallie Lin and included real estate attorneys Aušra Dedman and Nan Feng, and practice assistant Christina Leccese.
More information on the transaction can be found in the LIHI press release and a Seattle Times article.