Atrium Court, a new affordable housing and retail development at 7324 Martin Luther King Jr. Way S. in Seattle, has officially opened. The project delivers 271 apartment homes aimed at working families, together with ground-floor space for community-serving retail. It is located just steps from the Othello Light Rail Station in one of South Seattle’s most diverse neighborhoods, positioning the community as a transit-oriented option for residents.
The development was realized through a public-private capital stack that includes both equity and debt sources. A $15 million equity investment was provided by the AIC CEI-Boulos Opportunity Fund, which is a joint venture between Allivate Impact Capital and CEI-Boulos Capital Management. This equity commitment was complemented by a $16 million below-market loan from Amazon’s housing fund, which is dedicated to supporting affordable housing initiatives.
The project was co-sponsored by O.Z. Navigator, a partnership formed by Housing Diversity Corporation and Nitze-Stagen. This partnership focuses on fostering long-term community benefits within Seattle’s designated Opportunity Zones, and Atrium Court reflects that mission by pairing affordability goals with a neighborhood-serving retail component. Trez Capital contributed $41 million in primary construction financing, providing the senior debt needed to deliver the project.
Atrium Court’s program supports both residential and commercial activity. In addition to its 271 units, the property includes ground-floor retail intended to serve local residents and transit riders near the Othello station. The completed development supports permanent jobs related to property management and operations, as well as employment generated by the retail spaces.
The building was designed by Neiman Taber Architects, with STS Construction Services serving as the general contractor. Their work brought the transit-oriented concept to fruition, connecting affordable housing with light rail access and neighborhood amenities. With its combination of long-term equity capital, below-market financing, and Opportunity Zone sponsorship, Atrium Court illustrates how mission-driven investors and developers are assembling complex capital stacks to advance affordable housing projects in established urban neighborhoods.
