$119M acquisition is Everett Housing Authority's largest-ever deal
Last edited Fri Mar 25, 2022, 02:31 PM - Edit history (1)
The Everett Housing Authority is the new owner of Huntington Park, a 381-unit property near Everett Mall.
At nearly $118.9 million, it's the largest deal in the authority's 80-year history, according to Executive Director Ashley F. Lommers-Johnson. With one deal, the authority increased its housing stock by almost 25%, going from around 1,560 units to around 1,940.
He said the move is part of the agency's 10-year strategic plan to essentially double its housing stock.
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Huntington Park residents are primarily people who make less than 80% of area median income (AMI).
https://www.bizjournals.com/seattle/news/2022/03/23/everett-housing-authority-acquisition.html
Everett Housing Authority buys 381 apartments — its biggest purchase yet
EVERETT — The Everett Housing Authority has purchased Huntington Park Apartments for $118 million from New York Life Investments.
The complex at 9009 W. Mall Drive in south Everett has 381 apartments and is within a mile of public transportation, grocery stores and schools. The housing authority bought the property to keep rent prices affordable for people earning as little as half of the area’s median income, said the agency’s executive director, Ashley Lommers-Johnson. It means a single person earning at least $40,500 annually, or a four-person household earning at least $57,850, can afford to live in the complex.
“This property was kind of ripe for a buyer to come in, invest some dollars, upgrade the property and escalate rent significantly,” Lommers-Johnson said. “Since we’re not profit-oriented, we can keep rents at a level where people who can’t afford market rate can have housing.”
Rents at the complex range from $1,300 to $2,000 per month. The apartments were built in 1991 and include one-, two- and three-bedroom units. It also has a fitness center, pool, dog park and clubhouse.
https://www.heraldnet.com/news/everett-housing-authority-buys-381-apartments-its-biggest-purchase-yet/