The buyer is the Downtown Action To Save Housing. The nonprofit plans to spend an additional $9 million converting the property into 160 units of permanent rental housing for very low, low and moderate income individuals and families, according to a loan application it filed in December with ARCH (A Regional Coalition of Housing).
Located at 9805 Avondale Rd. NE, the wood frame complex was built in 1985. It contains 49 one-bedroom units and 141 two-bedroom units. The one-bedroom units average 775 sf. The 85 two-bedroom/one-bath units average 885 sf. The 56 two-bedroom/two-bath units average 900 sf.
King County estimates the market value of the property at $13.1 million. The seller was Summerwood Apartments LLC, which is controlled by Manny L. Neves. Neves, who owns several properties in King County, is currently in Chapter 11 bankruptcy, according to public records. Joe Levin of Colliers represented DASH in the transaction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
