The transaction in Kirkland, the second local BRIDGE project supported by Amazon, reflects the growing role of acquisitions in expanding affordable housing supply
SAN FRANCISCO (May 30, 2025) – BRIDGE Housing, the leading nonprofit affordable housing owner and developer on the West Coast, has acquired a multifamily community in Kirkland, Wash., and will convert all 200 market-rate units into much-needed affordable housing in the fast-growing Seattle suburb.
The purchase of Vue Kirkland Apartments marks the largest market-rate conversion by BRIDGE as it accelerates property acquisitions to both create and preserve low-income housing throughout the West Coast. It expands BRIDGE’s footprint in Greater Seattle and marks another collaboration with Amazon, whose housing fund provided a loan to support the acquisition. Amazon also helped finance a new 234-unit BRIDGE affordable housing community under construction in nearby Bellevue.
“Converting market-rate units is a critical strategy in our mission to increase the supply of long-term affordable housing where it’s needed most – in high-demand, high-cost markets like Kirkland,” said BRIDGE Housing President and CEO Ken Lombard. “We’re proud to expand our presence in the Seattle area and we deeply appreciate the support of our municipal and financial partners, including Amazon, in making the Vue Kirkland acquisition possible.”
The garden-style community offers studio, one- and two-bedroom apartments. BRIDGE plans to convert all 200 units through natural turnover into rent-restricted apartments affordable to households earning 50% to 80% of Area Median Income. Three-quarters of the units will be reserved for households earning up to 60% AMI. As part of a partnership with the City of Kirkland and ARCH (A Regional Coalition for Housing), BRIDGE will receive a property tax exemption, which progressively rises to 100% as Vue Kirkland’s units are converted.
“Providing attainable housing for all income levels continues to be a priority for the Kirkland City Council,” said Mayor Kelli Curtis. “Converting this multifamily community to affordable housing will quickly provide more options for working families in Kirkland. We are grateful to both BRIDGE Housing for extending their mission to our community and to Amazon for their continued support for attainable housing options in Kirkland.”
“We are honored to partner with BRIDGE Housing on this project that will provide 200 affordable homes in Kirkland,” said Senthil Sankaran, Managing Principal of Amazon’s housing fund. “Converting existing market-rate housing to long-term affordable units is a critical approach to addressing the housing shortage in markets like the Puget Sound.”
Built in 1977, Vue Kirkland is located within walking distance of shops, restaurants, and entertainment venues, and offers easy access to major job centers like Redmond and Bellevue, as well as Seattle, about 15 miles to the southeast. It consists of 13 two- and three-story residential buildings across 11 acres and features a clubhouse, community pool, fitness and business centers, and a meditation and wildlife pond.
Acquisitions are an increasingly important strategy for BRIDGE, accounting for half of the nonprofit’s planned addition of 5,100 affordable units between 2024 and 2027. With Vue Kirkland, BRIDGE has acquired more than 800 apartments in three states over the past year, including units whose affordability covenants were poised to expire as well as market-rate units that will be converted. Vue Kirkland is BRIDGE’s first market-rate property that will be fully converted into affordable housing.
“Through aggressive acquisitions and accelerating our development of new communities, we are tackling the affordable housing crisis with all means available,” said BRIDGE Chief Real Estate Officer Sierra Atilano. “Thanks to our fellow mission-driven partners, we are able to move quickly and extend our impact in Greater Seattle and the entire West Coast.”
In addition to Amazon, the Vue Kirkland purchase was supported by an innovative financing arrangement with Morgan Stanley and National Equity Fund. The $250-million revolving credit facility enables BRIDGE to seize market opportunities to preserve or create affordable housing, avoiding the complexities and delays of traditional affordable housing finance.
With the latest acquisition, BRIDGE Housing currently has more than 1,200 affordable units either open or under development in King County. Overall, BRIDGE’s $4 billion portfolio includes more than 14,500 apartments in California, Oregon and Washington, with over 10,000 additional units in the development and acquisition pipelines.
The need for additional affordable housing in the region is significant. Only 23 housing units are available and affordable for every 100 extremely low-income households in King County, leaving a shortage of over 7,000 affordable units, according to County data. Seven of 10 low-income households are considered cost-burdened, meaning they spend at least 30% of their income on housing.
Since 1983, BRIDGE Housing has been an innovative leader in delivering affordable housing on the West Coast. With a focus on community development and comprehensive support services, BRIDGE creates strong communities, improves lives, and delivers positive social impact for its more than 30,000 residents.
About BRIDGE Housing
BRIDGE Housing Corporation is a leading nonprofit owner, developer, and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE Housing has participated in the creation of more than 22,000 affordable homes in California, Oregon and Washington, with a total development cost of $6 billion. Its current $4 billion portfolio totals more than 14,500 apartments that are home to more than 30,000 residents, with more than 10,000 additional units in the development and acquisition pipelines. For more information, visit https://bridgehousing.com/.
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