King County Housing Authority buys Kent apartment complex

The King County Housing Authority (KCHA) has purchased Haven Apartment Homes, a 246-unit community in the Scenic Hill neighborhood of Kent.

KCHA is taking action to preserve affordable, family-friendly housing in Kent, according to a Jan. 16 KCHA media release. The $46 million purchase will protect local families from rising rents and ensure long-term housing stability for current and future residents.

Haven, 25426 98th Ave. S., just south of Kent-Meridian High School, will offer family friendly units. Families often have a harder time finding housing because there is a shortage of units with multiple bedrooms in King County’s tight rental market, according to the media release. Haven offers a large number of two- and three-bedroom apartments, and has family friendly amenities such as in-unit laundry and dishwasher, a shared clubhouse, picnic and play area, swimming pool and fitness center.

In addition to Kent Meridian High School, the property is close to Meadow Ridge Elementary, Mill Creek Middle School and is within walking distance of grocery stores, churches, restaurants, health services and the Kent East Hill Shopping Center. It has easy access to transit, near several Metro bus routes and easy bus access to the Kent Sounder Train Station.

By acquiring Haven, KCHA will keep 246 apartments affordable for current and future residents, especially families who would otherwise struggle with rising rents, according to the media release. This helps prevent displacement and supports student, family, and community stability.

The cost to buy Haven is much lower than building new apartments, allowing KCHA to preserve quality housing without the high price tag of new construction.

With the acquisition of Haven, KCHA now has 66 properties and more than 9,400 units in its workforce housing portfolio, offering stable rents in a high-quality setting for families living on moderate incomes (60-130% AMI or area median income) as well as for lower income families with Housing Choice Vouchers.

KCHA will use a line of credit from Bank of America for the initial purchase, with permanent financing through municipal bonds, and operating costs covered by rental income.

Allied Residential, which specializes in professional property management of affordable housing, will manage Haven. Allied also manages the nearby Sterling Ridge property for KCHA.

KCHA was created in 1939 by the King County Council and receives no operating funds from the state of Washington, King County or local cities. About two-thirds of KCHA’s budget comes from federal funding through the U.S. Department of Housing and Urban Development (HUD). KCHA is governed by a Board of Commissioners appointed by the King County executive and approved by the County Council.