Jaime Welker (far right), who moved into complex with her daughter at the start of its two-year renovation, speaks at the celebration of The Parker Apartments’ opening on May 21. Photo courtesy of Bellwether Housing
Jaime Welker (far right), who moved into complex with her daughter at the start of its two-year renovation, speaks at the celebration of The Parker Apartments’ opening on May 21. Photo courtesy of Bellwether Housing

Bellwether Housing celebrated the completion of its latest affordable housing project, The Parker Apartments, on May 21, adding 50 units to Seattle’s supply of affordable housing.

The Parker Apartments building (2701 Third Ave. W.) is located on Queen Anne Hill. These apartments will serve those who earn up to 60 percent of the area median income (from $37,680 for one person to $48,420 for a family of three) and will be made affordable to income-eligible residents at rents that are about half of the average market rate for Seattle today. 

Bellwether Housing acquired the 1960 apartment building from Seattle Pacific University, which previously operated it as student housing. Bellwether, with general contractor Rafn Co., has just completed a rehabilitation of the building.

With The Parker Apartments, Bellwether is introducing a new approach to funding its affordable apartment developments. This project is being funded in part through its impact investment initiative, in which investors make commitments in affordable housing for a modest return, ultimately expanding the supply of affordable housing for the community’s lower-income workforce.

In addition to the impact investment, financing for the project included a loan from the City of Seattle housing levy, low-income housing tax credit equity from National Equity Fund and a loan from U.S. Bank made possible through the issuance of tax-exempt bonds by the Seattle Housing Authority.

The Seattle Housing Authority also provides rental subsidies for eight of the units, further reducing rents for the lowest-income families.

Bellwether Housing owns and operates 30 buildings and 1,900 units throughout Seattle.