The Housing Authority of Snohomish County has scooped up Allegro Lynnwood, a newly built 240-unit apartment community on Ash Way, for roughly $77.5 million. The takeover pulls a market-rate complex into public hands in a fast-changing transit corridor just north of Seattle.
Cushman & Wakefield arranged the transaction. According to ConnectCRE, the final sale price was $77.49 million, and the brokerage team - Byron Rosen, Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter, David Karson and Chris Moyer - represented seller Integral NW and procured the buyer, the Housing Authority of Snohomish County. The asset was delivered in two phases, with Allegro Ash Creek opening in 2019 and Allegro at the Woods completing in 2025, and the 240 units include studios, open one-bedrooms, traditional one-bedrooms and two-bedroom layouts.
Deal financing and public ownership
Public filings tied to the transaction show HASCO plans to use revenue bonds to cover the purchase and work on the property. Documents posted on MuniOS and highlighted by MarketScreener indicate roughly $78.4 million in Series 2026 bonds are planned to finance acquisition, rehabilitation and equipping. The filings state the apartments will be owned by HASCO Allegro Lynnwood LLC, a wholly owned affiliate of the housing authority.
Where Allegro sits
Allegro occupies 16525–16605 Ash Way and sits immediately adjacent to the Ash Way Park & Ride, the site tied to Lynnwood's transit upgrades, according to Sound Transit. The property's website notes quick access to I-5 and I-405 and lists the unit mix and amenities already serving the local rental market. Those features make it a straightforward fit for a public landlord that cares a lot about location and long-term stability, whatever operational model HASCO ultimately adopts.
What it could mean for renters
HASCO manages dozens of properties across Snohomish County and reports that it reinvests rental revenue into maintenance and resident programs, so adding Allegro could expand the authority's capacity to support lower-income households. That context comes from HASCO's own materials and the bond filings. Specific plans for rents, unit set-asides, tenant protections or management have not been publicly detailed yet.
The purchase drops a large, transit-edge asset into HASCO's portfolio at a moment when Lynnwood's city center is seeing rapid redevelopment around the Link station. Residents and local planners will be watching closely to see whether the authority leans on Allegro to preserve affordable housing near transit or runs it as a mixed-income community.
