August 30, 2019
Portland-based Sortis Holdings Inc. closed on equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, WA. The private equity firm provided $59.8-million in funding for the 210-unit senior living Opportunity Zone development.
Sortis’ Paul Brenneke says, “We believe delivering a high-quality project with attractive investment returns, while simultaneously providing an affordable housing option to low-income seniors, is a win-win.”
The two-phase project is situated on roughly 5.76 acres. There are 204 apartment units exclusively for seniors in Phase II, with six live/work units, roughly 8,300 square feet of commercial/retail space and structured parking. Upon delivery in late 2020, the combined project will be the third-largest senior living development in Washington, encompassing 403 apartment units.
Sortis invested capital from its $100-million Sortis Opportunity Zone Fund, alongside project sponsor Bryan Park, a Puyallup-based developer. The project will be operated by Sustainable Housing for Ageless Generations, or SHAG, a 501(c)(3) nonprofit.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Dennis Kaiser