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12/18/19
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Cadence Real Estate paid $13 mil for The Lowman Building, an 89-unit ($146k/unit) affordable housing property in Seattle. The property is located at 107 Cherry St, west of I-5 between downtown and Pioneer Square.
Built in 1906 and renovated in 2005, the designated historic building offers all 89 of its studio apartments to those making 60% of area median income or less with 10% of the units available to tenants utilizing Section 8 vouchers. With a WalkScore of 99, The Lowman Building is in a desirable location in Seattle, providing easy access to many of the city’s major employers such as Amazon and Nordstrom.
Johnathan Smith and Ben Barker of CBRE Affordable Housing represented the seller, Evergreen Housing Development Group LLC, in the transaction.
“The property is located in one of Seattle’s most popular areas and is well-positioned for future growth as the Seattle job market continues to grow and demand for rental housing remains strong,” said Smith.
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