SEATTLE, WA - Security Properties and Pacific Life acquired HANA, a newly constructed 160-unit affordable housing complex located in the heart of Seattle, at the intersection of 6th and Yesler. This is the third affordable housing joint-venture by Security Properties and Pacific Life.
HANA is a mixed-use, podium-style, community with over 13,000 square feet of commercial space occupied by Bright Horizons daycare, and 160 apartment units. Apartments feature floor‐to‐ceiling windows, hard surface kitchen countertops, and vinyl plank flooring that is consistent with Class-A market rate product. Residents will also benefit from a 7th floor rooftop deck with community kitchen and unobstructed views of Puget Sound and Downtown Seattle. The property is minutes from light-rail as well as a wide variety of restaurants, retail amenities, and the Stadium District.
HANA was delivered in early 2019 and is presently undergoing lease-up. The property participates in a variety of local affordability programs, including Seattle's Multifamily Tax Exemption (MFTE) program, which together restrict all units to households earning between 50% and 80% of Area Median Income (AMI). This translates to affordable rents for families earning up to $80,000, for a household of 4 people. "Given the well-documented demand for affordable housing in Seattle, HANA is a being delivered at the perfect time," said Steve TeSelle, Director of Affordable Housing for Security Properties. "HANA will provide high-end units at a significant discount to market rents in the surrounding area."
HANA is Security Properties' fourth affordable housing acquisition in Washington State. The company's Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 58 low-income housing assets. Security Properties also owns more than 13,900 conventional units across 54 properties.
Colliers International's apartment team of Tim McKay, Dan Chhan, and Sam Wayne represented Security Properties in the acquisition of HANA.