Evergreen JV Partners With Microsoft for Seattle Affordable Project

Polaris at Totem Lake will feature 440 units and 15,000 square feet of interior amenity space. Image courtesy of Inland Group

The public-private, non-profit partnership between Evergreen Impact Housing Fund, Inland Group and Microsoft has fully financed Polaris at Totem Lake, a 440-unit affordable housing development in Kirkland, Wash. Polaris at Totem Lake marks EIHF and Inland Group’s second collaboration. The community is set to come online in 2026.

Microsoft has provided direct construction financing, permanent financing through EIHF and was involved in the land acquisition through the Washington State Housing and Finance Commission. WSHFC coordinated resources for the development, such as the allocation of bond cap and tax credits.

The community will comprise 260 affordable units reserved for residents earning between 50 and 60 percent of the area median income, while 40 units will be set aside for tenants earning between 30 and 50 percent of the AMI. The remaining apartments will be market-rate. Hopelink will provide supportive housing for formerly homeless families, as well as public transportation.

Polaris at Totem Lake will feature 15,000 square feet of interior amenity space, 4,000 square feet of commercial space and approximately 566 parking spaces in a one-story parking garage. The eight-story buildings will incorporate two- and three-bedroom floorplans ranging between 529 square feet and 1,132 square feet.

The 2.9-acre site is located at 12335 120th Ave. N.E., in the Juanita submarket. The development is right off Interstate 405, which provides easy access across the Seattle metropolitan area. Evergreen Health Medical Center, Lake Washington Institute of Technology and an abundance of retail centers and dining options are within a 1.5-mile radius.