Victory Northgate: A New Frontier in Affordable and Sustainable Living in Seattle
In a city where the demand for affordable housing far eclipses supply, GMD Development and WNC & Associates are stepping up to the challenge with the inception of a vital project, Victory Northgate. In a strategic collaboration, they have sealed the deal to commence construction of a new affordable housing development in Seattle’s burgeoning Northgate neighborhood.
Scheduled to open its doors in April 2024, Victory Northgate is more than just a housing complex—it’s a beacon of hope for families seeking quality living at an accessible price. The project will offer 182 units with an array of living spaces, consisting of 13 studios, 101 one-bedroom, 17 two-bedroom, and 51 three-bedroom apartments. These homes are primed to cater to families earning 50% to 60% of the area median income (AMI)—a demographic deeply affected by the current housing crisis.
But the development’s reach extends beyond providing a roof over heads. The plan also includes a generous 6,800 square feet designated for commercial use, and 77 underground parking stalls. With a location at the heart of an urban hub, Victory Northgate boasts an excellent walking score of 90, placing residents within arm’s reach of numerous amenities and services.
Strategically located near the Northgate light rail station, the development promises a potential game-changer in urban mobility for its future residents. Furthermore, the prospect of a YMCA-run daycare facility within the development underlines a commitment to community and family welfare.
“Darrick Metz, Senior Vice President of Originations at WNC, emphasized the project’s significance, stating, “The Seattle rental housing market is one of the most competitive in the country. LIHTC occupancy rates in the region are at 98.1%. The need for affordable housing in Seattle has never been greater, especially as we see occupancy rates and waiting list times for these homes continue to increase. We are proud to support the development of even more affordable housing options in the region.”
In alignment with Washington State’s dedication to eco-conscious building, Victory Northgate is poised to fulfill all mandatory requirements set by the Evergreen Sustainable Development Standard (ESDS). The inclusion of sustainable features—such as ENERGY STAR appliances, high-efficiency systems, and drought-tolerant landscaping—echoes a commitment to environmental stewardship, setting an example for future developments in the region.
Financing for this trailblazing project weaves together various funding instruments, including 4% LIHTC equity, a construction-to-permanent loan through Citi Community Capital, and a substantial $25.2 million soft loan from the City of Seattle, marking a significant investment in the community’s future.
With AOF/Pacific Affordable Housing Corp onboard as the non-profit co-general partner, Victory Northgate is more than just building—it’s a multifaceted initiative that reflects the multifamily industry’s inherent capacity to innovate, lead and invest in the communities it serves. As we keep an eye on the progress of Victory Northgate, we are not just witnessing the construction of a building but the cultivation of community, sustainability, and affordability in one of the nation’s most dynamic housing markets.