Seattle Social Housing Developer to Buy West Seattle Apartments for $68M
The Seattle Social Housing Developer (SSHD) announced its second acquisition, a six-story building with nearly 200 homes in the heart of West Seattle.
The Developer’s Board approved the acquisition, and SSHD plans to buy Youngstown Flats for about $68 million. In addition, the current owner of Youngstown Flats recently allowed an affordability program to lapse at the property – MFTE, or Multifamily Tax Exemption. SSHD’s new ownership will potentially protect about 30 residents from economic displacement by offering them a permanent affordability program under the social housing model.
SSHD also plans to offer current residents of Youngstown Flats the same benefits offered to residents at its first social housing apartment complex, Elara at the Market, near Pike Place Market, which the organization acquired for $60.9 million earlier this year. With the addition of Youngstown Flats, SSHD will own almost 350 units, exceeding its 2026 housing pipeline goal.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout