Construction recently began on the housing development located at 228 106th Place NE in Bellevue. The Affordable housing project will be made up of 172 units.
According to public records, developer, Johnson & Carr, purchased this property in 2021 for $6.1 million. The local Seattle developer focuses on providing affordable and sustainable housing for multi-family and mixed-used projects.
The project, named The Terrapin Apartments, is a new affordable apartment community providing workforce housing in Downtown Bellevue. The mid-rise building is a transit-oriented development that is located within 0.25 miles of eleven public transit stops and within a half-mile of the new Bellevue Downtown Link Light Rail Station.
“Housing supply constrictions continue to put pressure on an already stressed housing affordability
crisis, particularly in Washington, where we face the additional challenge of escalating construction
costs and high interest rates in the state. We are grateful to rely on our investment partners, stable of
brilliant consultants, and relationships with Washington Trust Bank and W.G. Clark Construction to
support our commitment to bringing more multifamily residences to the region,” said Tyler Carr,
President of Johnson Carr. “Given the current market dynamics, it is now only with Amazon’s essential
involvement that we can bring these 172 new homes to Downtown Bellevue at this critical time.”
According to a press release, Johnson & Carr is set to embark on the development of new apartments, backed by financial support from partners: Amazon and Washington Trust Bank, in collaboration with W.G. Clark Construction Company. Amazon’s involvement includes a significant contribution of a $20.15 million below-market-rate loan from its Amazon Housing Equity Fund. This investment is part of Amazon’s substantial commitment, exceeding $2 billion, aimed at preserving or establishing over 20,000 affordable homes within its local communities.
“We’re excited to continue our partnership with Johnson & Carr and support their shared commitmentto bringing more affordable and workforce housing to the region,” said Senthil Sankaran, Managing Principal for the Amazon Housing Equity Fund. “Bellevue is a community with a high demand for affordable housing that connects local families close to transit, schools, jobs, and other invaluable resources. The Terrapin Apartments presents a huge opportunity to meet that need and we are grateful to play a role in bringing it to life for community.”
The Terrapin Apartments offer a diverse selection of living spaces, including studio, one-, and two-bedroom units, designed specifically for the workforce serving Downtown Bellevue. Boasting an array of amenities, the community features an innovative automated car stacker system, a fitness room, a resident lounge with workspaces, a rooftop amenity deck, and comprehensive bike storage equipped with repair and cleaning stations.
Positioned as a solution to the undersupply of affordable housing options, the Terrapin Apartments cater to individuals and small families employed in the downtown core who seek to reside in the area. By providing a convenient living solution, the apartments aim to reduce or eliminate commuting burdens while granting access to the abundant amenities and resources available in Downtown Bellevue.
The completion of Terrapin Apartments is anticipated by December 2025, marking its readiness for residents to move in. Targeting households with incomes ranging from 60% to 80% of the area median income, equivalent to $61,530 to $82,040 annually, it is committed to providing affordable housing for the next 99 years.