Boston Capital is investing in the preservation of Woodland North Apartments, a 104-unit apartment community in Lake Forest Park, Washington. The general partner is the nonprofit King County Housing Authority (KCHA), headquartered in Tukwila, WA. Woodland North Apartments represents Boston Capital’s fifth investment with KCHA. The property will be renovated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
“We are excited to partner with Tim Walter and the King County Housing Authority 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 three acres, Woodland North Apartments will feature 67 studios, 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 on-site 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 currently vacant in anticipation of the rehab, and residents will be relocated temporarily as their units are completed.
Lake Forest Park is a small bedroom community situated along the shore of Lake Washington, 12 miles north of downtown Seattle. 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, healthcare, 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.
About King County Housing Authority (KCHA):
The King County (WA) Housing Authority is a national leader in providing innovative and effective housing solutions so that people and communities can prosper. Its vision is that all residents of King County have quality affordable housing.
KCHA owns 137 properties with 11,582 units including 4,284 units of subsidized housing for families, the elderly, and disabled people. Approximately 6,000 units of other rental housing are financed through tax credits or tax-exempt bonds. Section 8 vouchers also help more than 10,000 households rent affordable private-market housing. Combined with supportive services, each year KCHA reaches more than 55,000 people who earn less than the county’s median income.