Honeysuckle Apartments, a 30-unit multifamily property located at 202 19th Avenue East in Seattle’s Capitol Hill neighborhood, has sold for $5.93 million.
Dylan Simon, Jerrid Anderson, and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews represented the seller, a private ownership group. The team also sourced the buyer, a group of affordable housing investors including Great Expectations SPC, a Seattle-based Social Purpose Corporation focused on affordable housing.
Honeysuckle has been providing low-income seniors from the Central Area community with affordable homes for seniors for nearly 50 years. It’s been owned by the family of the original developer up until this point. The new owner, in partnership with local nonprofit Root and Branch, will renovate the building. The transaction included private equity, new Freddie Mac financing, and the assumption of a long-term HUD Housing Assistance Payments (HAP) Section 8 contract.
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