A Bellevue developer plans to build more than 500 affordable apartment units over the next couple of years on Kent’s West Hill.
Construction is about 25 percent complete on the 261-unit Grandview Apartments on 11 acres along Veterans Drive (South 228th Street), just east of Military Road South, said David Ratliff, DevCo development manager, in a phone interview. The complex is expected to be complete by the end of the year or early 2017.
DevCo also plans to build a 246-unit complex on 10 acres in Midway, fewer than 2 miles south of the Grandview site. The Midway property sits just south of Lowe’s Home Improvement store and South 240th Street on the east side of Pacific Highway South. The developer still needs to get city permits but hopes to start construction within the next 18 months.
“It’s a very similar product to Grandview,” Ratliff said.
DevCo has about 5,000 apartment units in the state, including nearly 2,000 in King County. About 75 percent of those apartments are built and the rest are under construction or in the planning stages.
“There are lots of people coming in and there is always need for affordable housing,” Ratliff said about the housing boom.
DevCo is a private for-profit company led by president Jack Hunden, who has specialized in building affordable multifamily rental housing for nearly two decades.
Just as with previous projects, DevCo applied to the Washington State Housing Finance Commission to secure funding for the Grandview Apartments. The commission in 2014 approved issuing $45 million in tax-exempt bonds to help fund the project. Ratliff said the developer will seek similar funding from the state for the Midway apartments.
Hunden told the commission the Grandview apartments will include 15 five-bedroom units and 51 four-bedroom units because of the popularity of the larger apartments at other complexes the company has built, according to commission meeting documents. He also told the commission that Kent has very high design standards so the apartments will have metal siding and a substantial amount of brick in the structure.
Projects built with housing tax credits from the state must adhere to strict guidelines about how much they charge for rent and how much annual income renters can make.
The units will be required to be made available to households earning no more than 60 percent of the median household income in King County, which is $90,300 for 2016. The median income means half of all households have an income below the median household income and half have an income above it.
For a one-person household, the income maximum would be $37,980 in 2016. For a two-person household, it’s $43,380. Rent for a one-bedroom unit must be $1,017 or lower and for a two-bedroom $1,219 or lower.
HNN Associates will manage the apartments for DevCo. Property managers must document incomes, limit rents, maintain high occupancy rates and ensure that buildings remain safe and in good condition, according to the state Housing Finance Commission. The commission’s Asset Management and Compliance division conducts regular paperwork reviews, physical inspections and training.
The commission recognized HNN Associates early in 2016 with a Proud Partner Award for outstanding management of affordable apartment properties throughout the state. Most of HNN’s properties have more than 200 apartments and serve diverse populations, including many families.
Talk to us
Please share your story tips by emailing editor@kentreporter.com.
To share your opinion for publication, submit a letter through our website https://www.kentreporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.
