Transaction Tuesday: Redwood Housing Picks Up $31M Seattle HAP Portfolio
What Was The Play?
Redwood Housing Partners acquired a six (6) property, 164 unit, 100% HAP portfolio in Seattle from local non-profit Community Roots Housing. The purchase price is $31,750,000, or $193,600 per unit.
Newmark AHA (Andy Daitch; Steven Miscavish; Seth Barnett; Matthew Kurzmann) had the listing in September of 2024.
Editor’s Note: The content of these posts reflects publicly available information and does NOT reflect any confidential information, investment advice or the opinions of Doyle Real Estate Advisors, LLC.
About the Buyer
Redwood Housing is a full-service developer of affordable housing based in Seattle, founded by Ryan Fuson and Jeff Green. To date, Redwood and its affiliates have sponsored more than $2 billion of impact development and investment activities. The firm has a focus on preservation and rehabilitation projects of senior, family and historically significant housing communities.
About the Seller
Community Roots Housing is a nonprofit focused on community led-development and city-wide partnerships in Seattle. The organization owns just over 2000 units, and are mostly located in the Capitol Hill, Denny Regrade and Belltown neighborhoods. Community Roots was founded in 1976 by Capitol Hill neighborhood community activitists as a response to redlining and divestment in the area, and has evolved subsequently into a developer owner of preservation assets across the city.
What’s The Context?
Its no secret that non-profit owners have been struggling. Transactional coverage of Section 8 assets typically falls into one of two buckets:
Press releases from national brokers, buyers, lenders, syndicators, and trade magazines
Local real estate coverage
The aim of these posts is to highlight and explore transactions that reveal unique submarket dynamics, have flown under the radar for some reason, or pique our curiousity…