Kōz Development has opened Kōz Uptown, a 169-unit affordable housing community located in Seattle.
The project broke ground in the spring of 2024, according to Multifamily Executive, which reported at the time that 69 of the community’s units would be reserved for households earning up to 80 percent of the Area Median Income. 17 more units are reserved for those earning between 40 and 60 percent of the area median income, a requirement of Seattle’s Mandatory Housing Affordability program.
The Urban Investment Group at Goldman Sachs Alternatives provided a $26.1 million construction loan for the project in May 2024, according to Yardi Matrix. Additional financing came from MSquared and other local investors.
114 of the development’s 169 units are studio apartments, with the rest being a mix of one- and two-bedroom units.
Rents at Kōz Uptown range from $1,360 to $2,400. Community amenities include a rooftop deck with barbeque grills, as well as a bike room. Certain apartments also offer patios and in-unit laundry.
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The workforce-oriented development is located in the Lower Queen Anne section of Uptown Seattle, with the site being a block away from a bus stop and a 15-minute walk from the Seattle Center monorail station. The community is also located within five blocks of Seattle Center’s dining, retail and entertainment establishments, including the Climate Pledge Arena.
A Cushman & Wakefield team led by Chris Moyer advised Kōz Development on the project.
Affordable housing growth in Seattle
Units in fully affordable communities made up a quarter of the 3,312 total units delivered in Seattle through May, according to a report from Yardi Matrix. The area had another 18,193 total units in development at the time.
In April, Catalyst Opportunity Funds closed on an affordable housing fund with a total of $140 million in capital commitments. The fund will help develop affordable communities in areas nationwide with low supply.
One Seattle-area project in the fund – The Marine in Tacoma, Wash. – has already been completed and began welcoming residents last year. The majority of its 160 units are reserved for residents earning less than 80 percent of the Area Median Income.
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