275 units of affordable housing now open to families in Renton
The Evergreen Impact Housing Fund(EIHF) is pleased to announce the opening of the Astra and Solera apartments in the Renton Highlands. The development brings 275 new affordable apartments and 315 market rate units. The Astra and Solera apartments are located at 2950 NE 11th St in Renton.
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EIHF contributed $11 million in philanthropic capital to finance development of affordable housing units in the Astra apartments. This is EIHF's fourth project to open to families in under two years and its largest project to date.EIHF funding complements existing, successful financing programs-like public funding from the Washington State Housing Finance Commission-to significantly boost production of affordable housing.
“We're thrilled that the Astra apartments are open to working families in Renton,” said Ken Takahashi, director of impact investing and EIHF fund manager at Seattle Foundation. “Washington State's affordable housing problem isn't going away. We need innovative financing that works to address this crisis. We're honored to be part of the solution with DevCo, the Washington State Housing Finance Commission, and the investment of our credit union partners.”
EIHF's contribution to the Astra apartments comes from an infusion of private capital from a consortium of five local credit unions: BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union, and WSECU. This is the second EIHF project supported by the credit unions, the first being the 256-unit Copper Way apartments in Spanaway that opened in September 2024.
“The Astra project is proof that what we've captured in previous EIHF projects isn't lightning in a bottle-it's the result of dedicated efforts from community organizations determined to address our region's housing challenges and making progress in those efforts,” said the network of credit unions in a joint statement. “What's notable about this project is that it's not the first of its kind. It demonstrates that taking an interest in our communities isn't a passing fad. Supporting one another and collaborating to benefit the communities we serve is something credit unions do time and time again.”
The Astra apartments are conveniently located near Renton's urban center, transit lines, grocery stores, and Sunset Neighborhood Park. The buildings offer one-, two-, three-, and four-bedroom units, ideal for working individuals and their families. Developer DevCo ensured the apartments were equipped with high quality amenities for current and future Renton residents.
“We're delighted to present Solera and Astra-two exciting projects that we hope will contribute to the long-term success of the Renton Highlands neighborhood and help the city provide quality housing options for residents who want to live closer to where they work,” said Jack Hunden, CEO and Founder of DevCo Residential Group. “We salute the vision and commitment of our partners at the City of Renton, the Washington State Housing Finance Commission, Citibank, Boston Financial, Evergreen Impact Housing Fund who helped bring this project to life.”
To honor the importance of housing for making community connections, DevCo hosted a block party-style opening celebration on June 21. Vendors from Comcast, the Renton Highlands Library, and more participated in the block party. Speakers included City of Renton Mayor Renton Armondo Provone and representatives from EIHF, the credit unions, and DevCo. Astrais currently accepting resident applications.
ABOUT DEVCO RESIDENTIAL GROUP:
DevCo Residential Group is an integrated development, investment, and property management company focused on multi-family communities. Founded in 1994, the company and its affiliates develop, own, and manage over 10,000 affordable and market rate apartment units throughout the United States. DevCo Residential Group's mission is to develop, construct, and manage high-quality multifamily housing that provides stability, fosters growth, and delivers long-term value to our residents and stakeholders. Headquartered in the Greater Seattle Washington Area, DevCo is one of the largest providers of affordable housing in Washington state. Learn more at https://devcous.com/.
ABOUT EIHF:
Evergreen Impact Housing Fund (EIHF) is managed by the Seattle Foundation and is amulti-sector partnership, providing catalytic impact capital to build more affordable apartments in Washington State. EIHF's investments are designed to ensure financial feasibility of projects, counteract market distortions, complement established financing for affordable housing, and advance positive outcomes for working families, especially for Black, Indigenous, and People of Color. Learn more at https://evergreenimpact.org/.
Contact:Kennedy Gregory360-980-4986kennedy@minervastrategies.com
Caroline Hall206-819-8749caroline@minervastrategies.com
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SOURCE Seattle Foundation
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