The high demand for housing in Bellevue has created a robust real estate market, driving sale prices for houses and condos and residential rents up in recent years. It was great news when the King County Housing Authority announced last week it had reached an agreement with local builder Intracorp to purchase the Highland Village apartment community and preserve the apartments as an affordable place to live in Bellevue.
Intracorp, the developer who purchased the Highland Village property, had submitted plans to redevelop the property’s 76 affordable apartments into 87 townhomes selling between $650,000 and $900,000. The KCHA agreement with Intracorp to purchase the property will preserve the Highland Village apartments as affordable housing, allowing existing families to continue to live in the community. (Intracorp will sell the property to KCHA for below appraised value.) After the acquisition of the property KCHA will renovate the property over the next two years, keeping rents at or near their current affordable levels.
Finding and preserving opportunities for affordable housing is a goal of city, county and state governments. Preserving Highland Village will allow these families to maintain their homes where there is access to quality schools, employment and public transit.