LIHI Purchases Aventine Apartments

68 Affordable Units in Downtown Bellevue

On May 30th the Low Income Housing Institute (LIHI) is purchasing the Aventine Apartments, a 6-story, 68-unit building located in Bellevue’s downtown neighborhood at 211 112th Ave NE. The property includes studios, one- and two-bedroom apartments and parking for 69 cars. The Aventine is conveniently located near the new Sound Transit East Main Station, Bellevue City Hall, I-405, shopping, and amenities. 

LIHI purchased the property to ensure that affordable housing is available in downtown Bellevue for the next 99 years. The owner had put the property on the market in 2023 and received multiple bids from private developers and investors. This would have resulted in the displacement of existing residents as downtown Bellevue has one of the highest average rents in the nation.

“The purchase of Aventine Apartments fulfills our mission to provide affordable housing in a walkable and livable community close to transit, amenities, and educational and employment opportunities. LIHI rents will be more than a thousand dollars below market to ensure that low- and moderate-income families can live close to where they work. We are grateful to the City of Bellevue who took the lead and to the Amazon Housing Equity Fund and the other funders for their investment in the Aventine,” states Sharon Lee, LIHI Executive Director.

Bellevue Mayor Lynne Robinson said, “Preservation is a key component to achieving our affordable housing goals in Bellevue. This purchase represents a successful collaboration between the City of Bellevue, LIHI and Amazon that will ensure people can afford to live and work in downtown Bellevue for decades to come.”

“The Amazon Housing Equity Fund is committed to funding housing that will remain affordable for the long-term in high-opportunity communities like Bellevue. By supporting LIHI’s acquisition and conversion of the Aventine Apartments to homes that will remain affordable for 99 years, we’re helping low- to moderate-income residents access the great employment, schools and transportation options that Bellevue has to offer,” said Senthil Sankaran, Managing Principal, The Amazon Housing Equity Fund.

The average rent for an apartment in Bellevue is $2,577/month, which is 66% higher than the national average of $1,516.  The average rent in downtown Bellevue is $3,545/month.* In contrast, the rent that will be charged for a one-bedroom unit at the Aventine is $1,411/month for a two-person household at 50% of area median income (AMI) making $62,250 annually.

LIHI will operate the property as affordable housing serving households at or below 30, 50 and 80% AMI.  A number of apartments will be set aside for formerly homeless veterans, people with disabilities, and families with children in the Bellevue School District. Case management staff will be on-site to provide services thanks to funding from Bellevue’s Housing Stability Program, which is funded from the 0.1% sales tax enacted by the City in 2020 with the goal of supporting affordable housing and supportive housing services in the community. The King County Housing Authority will provide rent subsidies to targeted households so that families pay 30% of their income for rent.

Acquisition financing includes: City of Bellevue, ARCH, WSHFC Nonprofit 501(c)3 bonds, KeyBank, Amazon Housing Equity, Greystar, and Lucky 7 Foundation. Later this year LIHI will be applying for funds from the state Housing Trust Fund.

The mid-rise building has 41 studios, 25 one-bedroom units and 2 two-bedroom units. Aventine was built in 2008 and includes 41,140 sq ft net residential rentable area and 74,152 sq ft gross building area on a 12,709 sq ft lot.

*Data from Apartments.com