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August 2, 2016
Nonprofit housing developer Bellwether said it paid $4 million to University Christian Church for four contiguous properties along 15th Avenue Northeast where it plans to build a $40 million affordable housing complex.
The sale included two parking lots at the corner of Northeast 50th Street and two smaller residential properties to the south.
The DJC reported the sale Aug. 1 of one of residential properties, at 4734 15th Ave. N.E., but not the other three parcels. Information about the sale of those parcels was available from the King County Recorder's Office.
Using an ownership entity called University District Apartments 9% LP, Bellwether has filed plans with the city for a seven-story apartment building to be called Arbora Court. It will have 133 units and 1,400 square feet of commercial space above 113 parking spaces. Sixty of the spaces will be reserved for UCC.
The project address will be 4738 15th Ave. N.E. The combined site measures about 30,000 square feet.
Weber Thompson is the architect. Walsh is the contractor.
Bellwether's Richard Loo said construction will start in October, with completion scheduled for March 2018. Financing includes a variety of public-funding sources (city, state and county) and tax credits purchased by U.S. Bank.
Arbora Court will emphasize family-friendly units, Loo said, with 20 three-bedroom and 33 two-bedroom apartments.