The complex financing and sale of an apartment complex in Bellevue — one of greater Seattle's most expensive cities for renters — highlights the role real estate brokers play in working with the public and private sectors to address the region's affordability crisis.
Multiple companies, agencies and nonprofits supported the Low Income Housing Institute’s acquisition of the 68-unit Aventine apartments at 211 112th Ave NE, which was brokered by Berkadia's Seattle team. This resulted in affordable housing for at least 99 years at the complex for low-income renters, including formerly homeless veterans and people with disabilities.
About 70% of households in Bellevue — a hub for such major employers as Amazon, Facebook parent Meta, T-Mobile and SAP — earn at least $100,000 a year. The growth of the tech giants has helped drive average rents in the area to over $3,000 per month, well beyond federal affordability guidelines.
The Berkadia team recognized that vulnerable tenants could be displaced if the property sold in a typical sale to a private investor who immediately raised rents at the complex, where prices were about 14% below the market average.
LIHI stepped in to buy and preserve affordability at the complex in a city where affordable housing accounts for just over 3% of total multifamily stock this year. Following the sale, The Aventine is now restricted to residents with incomes of between 30% and 80% of the area's median income.
To close the $29.2 million acquisition, however, the Berkadia team had to overcome a number of financial and logistical challenges. The financing required an extended nine-month escrow to receive the necessary funding approvals. Previous ownership helped facilitate the deal by agreeing to extend the closing period and allow LIHI to finish the sale.
Another challenge was coordinating a complex capital stack that included contributions from multiple public and private sources, including the city, the nonprofit A Regional Coalition for housing, or ARCH; housing bonds from the Washington State Housing Finance Commission, KeyBank, the Amazon Housing Equity Fund, Greystar and the Lucky 7 Foundation.
Berkadia's efforts to arrange the sale that preserves Aventine as affordable housing earned the project a 2025 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: The mix of studio, one-, and two-bedroom units was designed by Driscoll Architects and developed in 2007 by Dean Weidner, founder of Weidner Apartment Homes. The property was previously owned by Tim Cavanaugh with Stream Real Estate and managed by Pacific Crest Real Estate.
What the judges said: "Aventine showcases how collaboration between local brokers and public services can overcome challenges and create more affordable housing," said Jill McNiesh of Greystar Real Estate Partners. "By mitigating displacement risks, preserving affordability and supporting Bellevue's Comprehensive Plan goals, the project serves as a model for advancing housing equity in high-cost markets."
The transaction preserves long-term affordability in a high-quality building in one of the Puget Sound region's most expensive submarkets, said Steven Bourassa, chair of the Runstad Department of Real Estate at the University of Washington.
They made it happen: Mitchell Belcher, Steven Chattin, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia's Seattle office arranged the transaction.