Covington Place Senior Apartments

26902 169th Place SE, Covington, WA 98042
Status: Available
Year Built: 2009
Price: UNPRICED
For more information please contact:
brandon@lihtcadvisors.com
# of Units: 121
# of Buildings: 1
# of Stories: 5
Rentable SF: 78,279
Lot Size: 1.95 Acres

Highlights:

  • Excellent FMR Growth on 1BD & 2BD’s with an Increase of 23.69% Since 2017
  • While the Population of Covington is Only 18,750, the Retail Trade Area Serves an Estimated Population of 100,000 and King County AMI Growth has Increased 20.2% Since 2016
  • Comparable Market Rate Properties are $300-$500 Above Allowable Rents
  • Located in the Puget Sound area of Washington in King County, Resident’s of Covington Benefit from Increasing Economic Benefits from Seattle Industries

Description:

Covington Place Senior Apartments is a 121-unit affordable housing community for seniors 55 and older located in Covington, WA. The retirement community is a close walk to an abundance of retail shops, restaurants, and entertainment in the growing city of Covington which is near neighboring communities of Kent, Maple Valley, and Auburn, WA.

The property was built and placed in service in 2009 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 50% and 60% of Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. The property is still within its initial tax credit compliance period.

Covington Place offers one and two bedroom floorplans and residents benefit from community amenities such as a communal kitchen and lounge, movie theatre room, beauty and barber services, library, scheduled activities both on and off site, a fitness center, and a communal patio with garden. Units include views of Mt. Rainier, controlled access, and washer/dryer’s in select units.

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