Honeysuckle Apartments in Seattle’s Capitol Hill Sold for $5.93 Million
Honeysuckle Apartments, a 30-unit multifamily property located at 202 19th Avenue East in Seattle’s Capitol Hill neighborhood, has been sold for $5.93 million.
The transaction was brokered by Dylan Simon, Jerrid Anderson, and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews. The team represented the seller, a private ownership group, and also sourced the buyer, a group of affordable housing investors. The purchasing group includes Great Expectations SPC, a Seattle-based Social Purpose Corporation dedicated to advancing affordable housing initiatives.
For nearly 50 years, Honeysuckle Apartments has provided affordable housing for low-income seniors from the Central Area community. The property had remained in the hands of the family of its original developer until this sale. The new ownership group, in partnership with local nonprofit organization Root and Branch, plans to renovate the building while maintaining its mission of providing affordable senior housing.
The transaction was structured with a combination of private equity investment, new Freddie Mac financing, and the assumption of a long-term Housing Assistance Payments (HAP) contract under HUD’s Section 8 program.
