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Mt. Baker Housing pays $7.5M for 60 new TOD units that will be affordable
Thursday, September 6, 2018


DJC Story Here

September 6, 2018

Mt. Baker Housing pays $7.5M for 60 new TOD units that will be affordable

Image from Mt. Baker Housing [enlarge]
The nonprofit said it couldn’t pass up a chance to buy Link Studios from Build Urban. The complex is near Mount Baker Station.

Mt. Baker Housing said it will keep all 60 units in Link Studios affordable to people earning 40-60 percent of area median income.

MBH paid Build Urban $7.5 million for the three-story building, with basement, that was finished last year. Build Urban acted as its own architect and contractor.

The 12,000-square-foot building is in Mount Baker, at 2939 S. Mount Baker Blvd., next to Fire Station No. 30 and a five-minute walk to the Mount Baker Station.

“While this building was not originally on our radar, as purchasing a new construction, fully leased building never is, after a cursory look into the property we discovered a path to purchase it and ensure it would remain affordable,” said Conor Hansen, director of real estate at MBH, in a news release. “The opportunity to acquire 60 brand new transit-oriented development units at such a low cost was something we knew we had to capitalize on.”

Units range from 165 to 305 square feet, with 12 in the basement and 48 above ground. They come with stainless refrigerators and freezers, built-in convection microwaves, subway-tile backsplashes, modern cabinetry and hardware, and oversized windows.

The building is Four-Star Built Green.

MBH got nearly $5 million from Washington Community Reinvestment Association and about $3 million from Seattle’s Office of Housing.

Build Urban was represented by JLL brokers Don Flanigan, Matt Kemper, David Young and Corey Marx.

MBH has nearly 375 low-income and affordable units in seven properties, and is planning 160 units in Rainier Beach, and another and another 144 units near Mount Baker Station

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