EVERETT — The Everett Housing Authority has purchased Huntington Park Apartments for $118 million from New York Life Investments.
The complex at 9009 W. Mall Drive in south Everett has 381 apartments and is within a mile of public transportation, grocery stores and schools. The housing authority bought the property to keep rent prices affordable for people earning as little as half of the area’s median income, said the agency’s executive director, Ashley Lommers-Johnson. It means a single person earning at least $40,500 annually, or a four-person household earning at least $57,850, can afford to live in the complex.
“This property was kind of ripe for a buyer to come in, invest some dollars, upgrade the property and escalate rent significantly,” Lommers-Johnson said. “Since we’re not profit-oriented, we can keep rents at a level where people who can’t afford market rate can have housing.”
Rents at the complex range from $1,300 to $2,000 per month. The apartments were built in 1991 and include one-, two- and three-bedroom units. It also has a fitness center, pool, dog park and clubhouse.
However, the apartments aren’t income restricted. They’re open to anyone who can afford the rent.
According to a news release from the housing authority, the agency plans to replace windows and roofs and repair the parking lot over the next several years.
The housing authority does not expect the change in ownership to affect current residents.
“EHA’s hope is that they will benefit from the transaction, as the acquisition is part of a large-scale affordable housing preservation action,” according to the news release.
The housing authority purchased the nearly 14-acre property on March 11. It is the largest acquisition in the agency’s history.
“One of our goals in our strategic plan is to essentially double the number of housing units we own and control as affordable housing,” Lommers-Johnson said. “This opportunity helped us to get a head start on that by increasing our unit count by almost 25%.”
Katie Hayes is a Report for America corps member and writes about issues that affect the working class for The Daily Herald.