Everett’s Latitude Apartments is headed for an affordability makeover after BRIDGE Housing, a Bay Area nonprofit known for building and preserving below-market housing, snapped up the complex for about $25 million. The move will keep all 108 apartments in the rental pool while steadily shifting them to long-term income-restricted homes aimed at local workers and families.
Broker filings peg the sale price at roughly $25.35 million. Institutional Property Advisors says its Seattle team represented the seller, Jackson Square Properties, and brought BRIDGE to the table as the buyer. That works out to around $235,000 per unit, a price point that still reflects strong investor appetite for multifamily properties in the Puget Sound region, according to Institutional Property Advisors.
Latitude, at 12907 E. Gibson Road in Everett’s Lake Stickney neighborhood, spans six buildings with a mix of one- and two-bedroom apartments. Listing and parcel records show the property on about 4.24 acres, with a clubhouse, fitness center and fenced dog park among the amenities. Rental listings and property data put unit sizes from the mid-600s to the high-800s in square feet, lining up with what you would expect for a suburban workforce community, per LoopNet and local listing services.
Slow-Motion Shift To Affordable Rents
BRIDGE plans to transition Latitude into income-restricted housing over time through natural tenant turnover. Most apartments will be reserved for households earning at or below 50% of area median income, with the remaining units set aside for households earning up to 60% AMI. The nonprofit also plans to invest about $4 million in capital improvements aimed at boosting safety and overall quality of life at the property.
"Creating long-term affordable housing through acquisitions is one of the fastest and most effective ways to expand housing opportunities in high-cost communities," BRIDGE CEO Ken Lombard said in a statement to My Everett News.
Amazon Money Backs Everett Affordability Push
The purchase was backed by Amazon’s Housing Equity Fund, a $3.6 billion commitment aimed at creating and preserving affordable homes in the Puget Sound area and other regions. The Everett buy fits into BRIDGE’s broader push into the Seattle market, following last year’s Vue Kirkland acquisition and other Amazon-supported deals, a sign that private capital is still flowing into acquisitions used to lock in long-term affordability, according to reporting by The Business Journals.
BRIDGE says the affordability conversion will roll out over several years as residents move out and new tenants move in under the income restrictions, and some current renters who qualify may already be eligible for reduced rents under the new regulatory structure. The organization plans to launch tenant outreach and detailed capital planning, while working with regional partners to secure long-term affordability at Latitude, efforts it says are meant to help working families stay in Everett as housing costs continue to rise, per My Everett News.
