Downtown Bellevue Apartment Building Purchased for $29M for Low-Income Housing

Low Income Housing Institute (LIHI) is acquiring the Aventine Apartments, located at 211 112th Avenue Northeast, as per a press release from the organization. The purchase is to ensure the availability of affordable housing in downtown Bellevue.

The Aventine Apartments is 6 stories high, with a total of 68 units. There are 41 studios, 25 one-bedroom units, and 2 two-bedroom units. Constructed in 2008, the building spans 41,140 square feet of residential space and 74,152 square feet of gross building area on a 12,709 square feet lot.

Situated near Sound Transit East Main station and various amenities, the property holds value in terms of accessibility.

In 2023, the owners made the decision to put the property on the market, attracting interest from multiple private developers and investors. However, LIHI intervened, expressing concern over the potential displacement of existing residents.

“The purchase of Aventine Apartments fulfills our mission to provide affordable housing in a walkable and livable community close to transit, amenities, and educational and employment opportunities. LIHI rents will be more than a thousand dollars below market to ensure that low- and moderate-income families can live close to where they work. We are grateful to the City of Bellevue who took the lead and to the Amazon Housing Equity Fund and the other funders for their investment in the Aventine,” states Sharon Lee, LIHI Executive Director.

Funding for the acquisition includes contributions from the City of Bellevue, ARCH, WSHFC Nonprofit 501(c)3 bonds, KeyBank, Amazon Housing Equity, Greystar, and Lucky 7 Foundation. Additionally, LIHI plans to seek further financial support from the state Housing Trust Fund later in the year.

Bellevue Mayor Lynne Robinson said, “Preservation is a key component to achieving our affordable housing goals in Bellevue. This purchase represents a successful collaboration between the City of Bellevue, LIHI and Amazon that will ensure people can afford to live and work in downtown Bellevue for decades to come.”

Operating under LIHI, the Aventine Apartments will cater to households at or below 30%, 50%, and 80% area median income levels. A portion of the units will be reserved for formerly homeless veterans, individuals with disabilities, and families with children in the Bellevue School District. On-site case management services will be facilitated through funding from Bellevue’s Housing Stability Program.

LIHI Executive Director Sharon Lee said the nonprofit will pay $29.2 million for the Aventine, or about $400,000 more than what the seller paid for the asset in early 2020. The property’s assessed value is $26.1 million.

The Low Income Housing Institute develops, owns, and operates housing for the benefit of low-income, homeless, and formerly homeless individuals in Washington State. The organization is recognized for administering supportive service programs aimed at promoting stable housing and self-sufficiency among its beneficiaries.