(WSB photo)
By Tracy Record
West Seattle Blog editor
On Tuesday, we reported on a microapartment project in The Junction. Across 44th SW from that site is a relatively new all-studio building that is in the process of being sold. That alone is not unusual – a check of commercial real-estate listings will show that apartment buildings are often on the market (and some sell without ever being publicly listed). However, this deal is unique: Post-sale, the Vega Apartments (4528 44th SW) are to be managed as “affordable housing,” according to a letter sent recently to nearby residents. A WSB reader forwarded it to us. The letter reads:
SRM Development is in contract to purchase the Vega Apartments located at 4528 44th Ave SW.
SRM is partnering with the Urban League of Seattle to preserve rents at affordable levels for 99 years and offer resident services. Our goal is to create and maintain safe, quality affordable housing options for individuals and couples in urban Seattle neighborhoods.
The Vega is an existing 5-story apartment building in West Seattle, built in 2017, which includes 58 studio units. It will serve tenants ranging from 50% or below of the Area Median Income (AMI) up to 80% of AMI, which ranges from $45,300 to $66,750 for an individual or $51,800 to $76,250 for a couple living in Seattle.
The acquisition offers a unique opportunity for low to moderate income residents to afford to live where they work and with close access to public transport line, which meets to goals and objectives of the City of Seattle’s Consolidated Plan for Housing and Community Development. We are seeking financing for the acquisition and management of the Vega Apartments in part from the City of Seattle Office of Housing.
SRM and Urban League are grateful for the opportunity to provide and maintain more affordable housing in the West Seattle neighborhood and look forward to being long-term community partners.
The letter also points to a page on SRM’s website which says this is one of six apartment buildings around the city that would be involved in the deal; the others are all outside West Seattle. The information on the page otherwise largely replicates what was in the letter sent to neighbors. It also links to a current page for Vega, showing vacancies for ~240-square-foot studios at rents ranging from $1,325 to $1,425.
So what would change for current and future tenants if this partly publicly funded deal goes through? And will the deal proceed if public funding is not obtained? We have been trying to get answers to those and other questions, but both SRM Development and the Urban League have not responded to our inquiries. The city Office of Housing would only say, through spokesperson Nathan Haugen, “We can confirm that SRM and Urban League have applied for funding … We unfortunately cannot comment any further as we are currently in process of closing out any awards.” According to the Office of Housing’s website, the department was accepting applications through mid-September for shares of $44 million in its Rental Housing Program. The notice says in part:
Seattle OH seeks to fund projects that:
• Combat residential displacement in communities that have experienced and continue to be at greatest risk of displacement.
• Address essential preservation and rehabilitation needs in existing OH-funded properties.
• Deliver new housing in geographic locations that offer access to transit, job centers, and services
According to this industry-publication report, the SRM Development executive who signed the letter about the West Seattle plan was hired by the company last year to head a new “affordable housing” division. One more note: Five of the six buildings involved in the pending deal are owned by West Seattle-headquartered Blueprint. We’ll continue following up.
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