A newly constructed 160-unit affordable housing community in downtown Seattle, called HANA, at the intersection of 6th and Yesler, has been acquired by Security Properties and Pacific Life, according to a release.
“Given the well-documented demand for affordable housing in Seattle, HANA is a being delivered at the perfect time,” said Steve TeSelle, Director of Affordable Housing for Security Properties, in the release.
“HANA will provide high-end units at a significant discount to market rents in the surrounding area,” he said.
This is the third affordable housing joint-venture by Security Properties and Pacific Life.
Affordable housing community in downtown Seattle
HANA is a mixed-use, podium-style community with more than 13,000 square feet of commercial space occupied by Bright Horizons daycare, and 160 apartment units.
Apartments feature floor‐to‐ceiling windows, hard-surface kitchen countertops, and vinyl-plank flooring that is consistent with Class-A market rate product. Residents will also benefit from a 7th floor rooftop deck with community kitchen and unobstructed views of Puget Sound and downtown Seattle. The property is minutes from light-rail as well as a wide variety of restaurants, retail amenities, and the Stadium District.
HANA was delivered in early 2019 and is presently undergoing lease-up.
The property participates in a variety of local affordability programs, including Seattle’s Multifamily Tax Exemption (MFTE) program, which together restrict all units to households earning between 50% and 80% of Area Median Income (AMI).
This translates to affordable rents for families earning up to $80,000, for a household of 4 people.
HANA is Security Properties’ fourth affordable housing acquisition in Washington state. The company’s Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 58 low-income housing assets. Security Properties also owns more than 13,900 conventional units across 54 properties.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed more than 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property-management specialists. For more information, visit www.securityproperties.com