‘Workforce Housing’ Project Gets Going in Bellevue – Connect CRE

Seattle & Northwest  + Pacific Northwest  + Apartments  |  March 2, 2022

The market is meeting some of the need for “workforce housing” up and down the West Coast – most recently in Bellevue, Wash. 

Local developer SRM and local non-profit housing developer DASH recently announced a partnership to develop a 4.55-acre Bellevue site near a planned light rail stop that will add more than 235 new affordable housing units (units that are geared for households earning between 50 – 100% of the prevailing area median income [AMI]).

The joint effort of SRM and DASH is typical of workforce housing projects, with the dynamics of a similar joint effort being recently announced in Orange County’s Irvine, Calif.

In addition, corporate presence Microsoft and its Affordable Housing Initiative will ensure “long-term affordable rents,” according to a news release.

SRM is a privately owned real estate company specializing in multi-family, senior housing, affordable, and mixed-use development and construction in urban markets across the western United States. DASH, an affiliate of Bellevue-based non-profit Transforming Age, is a non-profit housing developer founded in 1991 to provide workforce, family and senior housing.