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Partnership Gets $15M to Build Apartments

BREMERTON, WA-The Newport Beach, CA-based Affordable Housing Partnership Alliance will purchase and renovate Viewcrest Village Apartments with funding from Related Capital Company.

By Gina Binole | Updated on June 03, 2002

BREMERTON, WA-In what appears to be another boost for the Kitsap Peninsula’s economy, Related Capital Company has provided $15 million for the development of Viewcrest Village Apartments.

Viewcrest Villages Apartments will be located at 3401 Spruce Avenue in East Bremerton, at the site of what was originally a 1950s military housing complex. The complex will be extensively rehabilitated and result in 300 units in 75 garden-style apartment buildings, plus additional service buildings.

Viewcrest Villages will also introduce a new level of amenities and service to the Bremerton multifamily market, with special features including an on-site learning center, a community room with kitchen and central laundry facilities, a childcare center along with a playground and sports court. The majority of residences will be set aside for tenants that earn 60% or less of the area’s median income. Viewcrest Villages units will range in size from 674 sf to 831 sf with rents ranging from $512 to $675 per month.

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