Seattle social housing developer buys West Seattle apartment complex

The Seattle Social Housing Developer board approved a purchase agreement on Tuesday night to acquire Youngstown Flats in West Seattle. The public agency will pay approximately $68 million for the six-story residential building.

The transaction will add 195 homes to the public developer inventory. Officials expect the acquisition to officially close in mid-December, bringing the agency total to about 350 housing units citywide.

Interim chief executive officer Tiffani McCoy spoke about the acquisition following the board vote. Providing permanently affordable, family-sized housing in different parts of Seattle is what we are all about, Tiffani McCoy said.

The apartments feature average unit sizes exceeding 800 square feet. The complex contains nearly 50 two-bedroom units along with ten ADA-compliant apartments, offering larger layouts than many recent downtown residential developments.

City Councilmember Rob Saka supported the measure for the local district. I am so happy to see social housing being built in my district, Rob Saka said. Mixed-income communities, where those at lower incomes pay less in rent than those who make more, is an effective way of addressing Seattle housing and affordability challenges.

Current tenants will receive several protections and benefits under the transition to public ownership. The agency plans to freeze existing lease rates for two years and provide every resident with a free one-year transit pass.

The previous property owner allowed a local tax exemption program to lapse for the building. The new public model will protect about 30 residents from economic displacement by maintaining permanent affordability standards.

The agency also intends to eliminate administrative fees and phase out utility billing charges within the first year of ownership. Youngstown Flats sits near rapid transit bus routes including the RapidRide C and H lines.

The acquisition deal is scheduled to close in mid-December.