LIHI’s Aventine Apts. in Bellevue wins Award!

Mitchell Belcher (Berkadia), Dianne Moreland & Kalyssa Eversman (LIHI), Linda Abe (City of Bellevue), and Marcy Purdy (CoStar)

LIHI's Aventine Apartments was named the CoStar Impact Awards Redevelopment of the Year. The award panel cited the cooperation between multiple agencies and companies--Berkadia, LIHI, City of Bellevue, A Regional Coalition for Housing (ARCH), Washington State Housing Finance Commission (WSHFC), Amazon Housing Equity Fund, Greystar and the Lucky 7 Foundation--in navigating a complex financing and sale to preserve affordable housing as the basis for the award.

"Aventine showcases how collaboration between local brokers and public services can overcome challenges and create more affordable housing," said award panelist 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 City of Bellevue provided upfront acquisition funding to LIHI. Mayor Lynne Robinson stated, “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.”

Sharon Lee, LIHI Executive Director, said, “This award recognizes the importance of providing affordable housing in walkable and livable communities close to transit, amenities, and employment opportunities. Rents at the Aventine are 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 Berkadia and the City of Bellevue, who took the lead on this project, and to Amazon Housing Equity Fund, KeyBank, WSHFC, Greystar, King County and the Lucky 7 Foundation for their investment in affordable housing.” 

LIHI purchased the Aventine Apartments, a 6-story, 68-unit building located in Bellevue’s downtown neighborhood at 211 112th Ave NE, in May of 2024. The property includes 41 studios, 25 one- and 2 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 average rents in Bellevue for a market rate studio ($2,320/mo.) and a 1-bedroom apartment ($3,412/mo.) are 57% and 98% higher than the national average respectively. 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 $60,250 annually. 

The Aventine serves households at or below 30, 50 and 80% AMI. A number of apartments are set aside for formerly homeless veterans, people living with disabilities, and families with children in the Bellevue School District. Case management staff on-site 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 provides rent subsidies to targeted households so that families pay 30% of their income for rent.

*Data from Apartments.com