WNC Provides Funds for New Affordable Housing Near Seattle
The Villas at Lakewood, a new 240-unit affordable housing community in Marysville, a suburb of Seattle, has opened. WNC provided $9.5 million in low-income housing tax credit equity to fund the development.
Seattle—The Villas at Lakewood, a new 240-unit affordable housing community in Marysville, a suburb of Seattle, has opened. Irvine, Calif.-based national real estate and community development investor WNC provided $9.5 million in low-income housing tax credit (LIHTC) equity to fund the development.
The Villas at Lakewood was co-developed by an entity of Canddle Development Inc. and American Opportunity Foundation Inc.
Families earning between 50 and 60 percent of the Area Median Income (AMI) are eligible to reside at The Villas at Lakewood.
“The suburban Seattle market is a very strong multifamily market, with the need for quality affordable housing,” Michael Gaber, WNC executive vice president and chief operating officer, tells MHN.
He adds the market-rate occupancy is around 98 percent, and the LIHTC occupancy is more than 97 percent. There’s a discount to market rents of 14 percent and an effective capture rate of 6.6 percent, indicating an ample number of qualified residents in the immediate market.
Seventy-five percent of the units will be rented to people at the 50 percent AMI level. “Given the lack of quality affordable housing in the market, the availability of these additional units at very favorable price points will be well received by persons in the 50 to 60 percent AMI levels,” Gaber says.
With an address at 2606 168th Place N.E., the property is comprised of 17 two- and three-story buildings featuring a blend of one-, two- and three-bedroom apartments. A clubhouse, swimming pool and spa and fitness center highlight the common areas amenities.
Also included are two playground areas, a basketball court, Internet café, car wash area, storage lockers, picnic areas, an outdoor fitness area, walking trails and gardens.
Residents with wheeled transportation can take advantage of surface parking, carports, detached garages and bicycle racks.
“The Villas at Lakewood provides residents with a number of unit options and community amenities, and WNC is thrilled to help deliver vitally-needed affordable housing to Marysville,” Gaber says.
He adds the property benefits from a terrific location, adjacent to a shopping center with major retailers, and within a mile of Lakewood Elementary School.