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Mt. Baker Housing, a nonprofit and affordable housing developer, recently purchased the three-story Link Studios Apartments multifamily building for $7.5M. The deal represents the company’s first new construction acquisition. The seller was Build Urban and was represented by JLL brokers Don Flanigan, Matt Kemper, David Young and Corey Marx.
As new construction, the building was not originally on the company’s radar, Mt. Baker Housing Director of Real Estate Conor Hansen said.
“After a cursory look into the property we discovered a path to purchase it and ensure it would remain affordable,” he said. “With early financial modeling, we quickly realized that with some financial support, it could work. The opportunity to acquire 60 brand-new transit-oriented development units at such a low cost was something we knew we had to capitalize on.”
The building was constructed in 2017 and has accessibility to the Mt. Baker Station Link Light Rail. It has 48 above-ground units and 12 basement-level homes. This marks Mt. Baker Housing's ninth affordable apartment project in Seattle.
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