Stuart Place Apartments

110 Legion Way Southeast, Olympia, WA 98501
Status: Available
Year Built: 1994
Price: UNRPRICED OFFERING
For more information please contact:
brandon@lihtcadvisors.com
# of Units: 36
# of Buildings: 1
# of Stories: 5 (Including Ground Floor Retail)
Rentable SF: 31,323
Lot Size: 0.31 Acres

Highlights:

  • Excellent AMI Growth in Thurston County with Almost a 17% Increase Since 2015
  • Low Income Housing Tax Credit Restrictions Expire in 2024
  • Residents Enjoy Views of Capitol Lake and Sylvester Park, Olympia’s Original Town Square
  • Located in the Heart of National Historic District of Downtown Olympia within Walking Distance to Washington State Capitol Campus, Transit, and Local Dining
  • Stuart Place Consists of 1 Building with 36 LIHTC Units and 5 Commercial Units- Starbucks Being the Original Ground Floor Tenant

Description:

Stuart Place Apartments is a 36-unit affordable housing community located in the Historic District of downtown Olympia, WA. Residents enjoy access to local transit stations, local dining options and coffee shops, views of Capitol Lake, and quick access to Sylvester Park. The area’s main thoroughfare, Interstate 5, is less than two miles away for commuter ease. Capital Mall and several other shopping centers are within two miles west of Stuart Place as are primary and secondary schools. Outstanding nearby recreational opportunities for residents include the Cascade and Olympic Mountains, South Puget Sound, Mount Rainier National Park, Pacific Ocean beaches, and Olympic National Park.

The property was built and placed in service in 1994 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 60% of Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. The property is beyond its initial tax credit compliance period.

Stuart Place offers studio, one, and two bedroom floorplans with electric kitchens a breakfast bar, ceiling fans, washer/dryer connections, and a linen closet. The community offers amenities such as an elevator, bicycle storage, a laundry facility on every floor, a resident lounge, and retail on the ground floor.

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