Blueprint Capital REIT has completed an apartment portfolio sale to SRM Development for $82.5 million. The 299-unit deal included five buildings comprised of SEDUs (Small Efficiency Dwelling Units) located in the West Seattle, Eastlake, Queen Anne and Roosevelt neighborhoods of Seattle.
SRM’s affordable housing division partnered with The City of Seattle’s Department of Housing, the Urban League of Metropolitan Seattle and Amazon’s Workforce Housing Equity Fund to fund the purchase with the objective of securing long-term affordable housing in Seattle.
“This sale is the culmination of Blueprint’s development efforts over the last 5 years to deliver class-leading SEDU projects which provide well-designed, high-quality workforce housing to Seattle residents,” said Eric Graham, President of Blueprint Capital. “We’re thrilled to be part of the solution creating workforce housing while delivering strong returns to our stockholders.”
An additional 55-unit building located in the Roosevelt neighborhood which was designed and built by Blueprint for an affiliate was also part of the acquisition by SRM. The portfolio sale comes shortly after the sale of the 98-unit Dockside project in Green Lake which was sold by Blueprint to the Low Income Housing Institute in June.
“This sale furthers Blueprint’s track record of delivering class-leading projects that provide attractive returns for our stockholders. We’re excited to drive innovation in the residential housing space by continuously improving and expanding our product offering in Seattle as well as our newest market Phoenix.”
Blueprint has a robust pipeline of development projects, with over 400 new SEDU units currently being built or in the pipeline in the Seattle area, and an additional 1,000 units under construction in the Phoenix market.
Blueprint, through our sponsored real estate investment trusts, provides construction financing to independent in-fill builders and develops income producing property for long-term value. Since 2010, Blueprint has developed nearly 4,000 homes and apartments and has provided over $2 billion in construction financing.