A 104-unit apartment community in Lake Forest Park, Wash., will be preserved and rehabilitated with the help of a low-income housing tax credit investment from Boston Capital.
The national housing credit syndicator and real estate investment firm announced that it is providing $14.2 million to the project, its fifth investment with the King County Housing Authority (KCHA).
"We are excited to partner with Tim Walter and the KCHA team in the preservation of Woodland North Apartments," said Jack Manning, president and CEO of Boston Capital. "Not only will this investment preserve much-needed affordable housing in Lake Forest Park, current residents will benefit from substantial interior and exterior renovations."
Located on 3 acres, Woodland North Apartments features 67 studio, six one-bedroom/one-bath, and 31 two-bedroom/two-bath garden-style apartments in four buildings. Development amenities will include a common area with a kitchen, 151 parking spaces, two laundry facilities, and on-site management. Units will offer kitchen appliances, including dishwashers as well as electric fireplaces. Most units feature large balconies or decks, and many have views of Lake Washington. Ten units will be available for homeless veterans or veterans at risk of homelessness, who will also receive supportive services provided by the Department of Veterans Affairs.
Substantial rehabilitation will include upgrading the site drainage work, new roofs and siding, weatherization, improved ventilation, repaving, asbestos abatement, replacement of galvanized plumbing, electrical upgrades, new unit finishes, and seismic retrofit. Forty units are vacant in anticipation of the rehab, and residents will be relocated temporarily as their units are completed.
Woodland North Apartments is located within two blocks of public bus stops that connect to the Link light rail and to other transit services that provide convenient access to area employment centers, health care, shopping, and services.
Boston Capital's investment in Woodland North Apartments adds 104 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 7,500 affordable apartments in Washington.
