Seattle Developer to Sell Upscale, Just-Finished Capitol Hill Apartments for Low-Income Housing

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A “rare opportunity” on Capitol Hill will transform a just-finished apartment building planned for upscale market-rate rentals into affordable housing for people who are currently homeless.

The developer of the 76-unit Clay apartments plans to sell the building to the Low Income Housing Institute (LIHI) for about $18.2 million, said LIHI Director Sharon Lee. LIHI expects to house 75 people, including 20 homeless veterans, Lee said.

The sale, expected to close next month, is an unusual deal in Seattle’s once-hot apartment market.

The seven-story building at East Howell Street and Belmont Avenue was advertised as “perfectly tailored for city living.” Inside are studio apartments of less than 300 square feet. A rooftop deck offers views of downtown.

“If ever there was a beating heart of Seattle, Clay sits right in the middle of it,” reads the promotional copy on the building’s website.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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