Non-profit development firm Bridge Housing has announced its second acquisition in the Seattle area - the Latitude Apartments in Everett.
The San Francisco-based developer, which had financial support for the purchase from Amazon, intends to convert the 108-unit market-rate complex into affordable housing. Latitude includes a mix of one- and two-bedroom units in six buildings, as well as amenities such as a clubhouse, a fitness center, and a dog park.
Turnover from market-rate to affordable housing is expected to occur gradually through resident turnover. At completion of that process, the apartments will be earmarked for households earning up to 50 and 60 percent of the area median income level.
Bridge also has plans for $4 million in investment in the apartment complex, which was built in in 1986 at 12907 E. Gibson Road.
The acquisition is the sixth apartment community purchased by Bridge since 2024 as part of its preservation strategy, bringing the total number of units acquired during that period to more than 1,100. The organization’s portfolio now includes more than 15,500 apartments across the West Coast, with an additional 8,000 homes in various stages of development and acquisition.
Besides its acquisitions, Bridge Housing's work in the Seattle area also includes ground-up affordable housing in Bellevue's Spring District.
