CASE STUDY
Atrium Court Affordable and Workforce Housing Project
- Largest and majority equity investor: $15MM
- Total project: $81.9MM
Atrium Court at 7324 Martin Luther King Jr. Way S. in Seattle's Othello neighborhood will create 271 units of affordable workforce housing, 80 jobs, and ground-level retail space adjacent to a light rail station in the historic and diverse South Seattle neighborhood.
Community Facts*
- Census Tract: 53033011101 and 53033011001
- Poverty Rate: 12.73%
- Unemployment Rate: 2.9%
- Median Family Income: Below 120% of Area Median Income
*at time of investment
Projected Project Impact*
- 271 units of affordable workforce housing
- 80 jobs (60 construction jobs, and 20 permanent jobs)
- Ground-level retail space adjacent to a light rail station in the neighborhood supporting Seattle's "Urban Village" concept within the city's Seattle 2035 Comprehensive Plan
- Strong focus on environmental sustainability, including reducing energy consumption and conserving water
- Community participation informed the project's planning and design including a multi-lingual lighted rotating sculpture onsite
*all impacts projected as of project closing date
The largest and majority equity investor in the Atrium Court project is an investment vehicle jointly sponsored and managed by Allivate Impact Capital® and CEI-Boulos Capital Management, which invested $15 million in equity alongside a $16 million low-interest loan from the Amazon Housing Equity Fund.
To address the increasing scarcity of affordable housing for residents earning low and moderate incomes, 59% of the development's 271 units will be income-restricted to those earning no more than 80% Area Median Income (AMI), while 10% of units will be income-restricted at 60% AMI, and 5% of units will be income-restricted at 50% AMI. All affordability requirements will have a term of 99 years.
The project has a strong focus on environmental sustainability, including reducing energy consumption and conserving water. The project will employ modern green building design features, construction methods, and operating systems including stormwater management, a 33-kilowatt roof mounted solar array, passive solar design, compost collection, and no fossil fuel-dependent systems for building heat.
In addition, the transportation-oriented project is less than 200 feet from the Othello Light Rail Station – reducing future tenants' need for cars, resulting in a smaller financial burden and carbon footprint. The project supports Seattle's "Urban Village" concept within the city's "Seattle 2035 Comprehensive Plan," which aims to increase housing density and affordability in neighborhoods near light rail stations, prioritizing walkability, and public transit over driving. The project's location near light rail, along with easy access to necessities like groceries, aligns with the city's goal of reducing car dependence, reducing the need to utilize valuable real estate for parking, and reducing transportation emissions.
The project is expected to create 60 construction jobs, and 20 permanent jobs between property management and the retail spaces.
The project also aligns with the City of Seattle's community development goals. Additionally, Sponsor OZ Navigator, a partnership between Housing Diversity Corp. and Nitze-Stagen conducted extensive multilingual outreach to determine community needs which informed the project's planning and design. One feature created in response to community feedback will be a lighted rotating sculpture at the building's entrance created by local artist Fumi Amano that displays various phrases in languages spoken within the Othello community.