BRIDGE Housing Acquires 108-Unit Latitude Apartments in Everett, Converting All Units to Affordable Housing

EVERETT, Wash. — June 10, 2026 — Nonprofit developer BRIDGE Housing has acquired Latitude Apartments, a 108-unit multifamily community in Everett, Washington, and will convert all of its market-rate homes into long-term affordable housing, the San Francisco-based organization announced. The real estate acquisition, backed in part by Amazon's housing fund, represents the nonprofit's second Amazon-supported purchase in the Seattle region and its sixth apartment community acquisition since 2024.

Latitude Apartments: Property Details and Affordability Structure

Latitude consists of 108 one- and two-bedroom apartments spread across six residential buildings on more than 14 acres in Everett's Lake Stickney neighborhood, approximately 25 miles north of Seattle. Built in 1986, the community includes a resident clubhouse, fitness center, outdoor terrace with barbecue area and firepit, and a fenced dog park.

Under the conversion plan, 60% of units will be restricted to households earning 50% of Area Median Income (AMI), with the remaining 40% restricted to households earning 60% of AMI. BRIDGE Housing said the transition will occur through natural resident turnover over the next several years, with income-qualified households currently living at the property potentially eligible for reduced rents immediately. A long-term regulatory agreement will lock in the affordability restrictions.

BRIDGE Housing also plans to invest approximately $4 million in capital improvements aimed at enhancing resident safety, comfort, and the long-term physical viability of the property.

"Creating long-term affordable housing through acquisitions is one of the fastest and most effective ways to expand housing opportunities in high-cost communities," said Ken Lombard, president and CEO of BRIDGE Housing. "Thanks to the support of Amazon and other partners, this acquisition allows us to quickly place more homes within reach for working families while making significant investments to improve the property for current and future residents."

Amazon's Role and Financing

The acquisition is supported by Amazon's housing fund, a $3.6 billion commitment to help create and preserve more than 35,000 affordable homes across the Puget Sound, National Capital, and Nashville regions. The fund provides below-market loans and grants to support projects serving households earning 30% to 80% of AMI, with the majority of developments targeted to remain affordable for 99 years.

"Everyone deserves a place to call home, and we're committed to working alongside partners like BRIDGE Housing who share that belief," said Senthil Sankaran, managing principal of Amazon's housing fund. "Acquiring and converting existing apartment communities is one of the fastest ways to expand affordable housing options for working families, and Everett is a community full of hardworking people who deserve the stability of knowing they can continue to build their lives here."

The full financing structure was not disclosed. BRIDGE Housing described the transaction as supported through a long-term regulatory agreement and financing structure that enables the nonprofit to reduce rents while making substantial reinvestments in the property.

Acquisition Strategy

BRIDGE Housing's chief real estate officer, Sierra Atilano, described the rationale for the acquisition approach. "This transaction demonstrates how housing acquisition can deliver affordability at scale in communities where traditional development has not kept pace with demand," Atilano said. "By combining deep affordability and significant reinvestment in the property, we are creating long-term housing opportunities for residents who might otherwise be priced out of the region."

The Latitude acquisition is the sixth apartment community BRIDGE Housing has acquired since 2024, bringing the total units acquired during that period to more than 1,100. Overall, BRIDGE Housing's portfolio includes more than 15,500 apartments, with more than 8,000 additional homes in the development and acquisition pipelines.

Location and Housing Need

The property's location in Everett's Lake Stickney neighborhood provides access to Boeing's Everett facility and other major Snohomish County employment centers, as well as regional transportation corridors connecting residents to jobs throughout the broader Seattle metropolitan area. BRIDGE Housing noted that rising housing costs have made it increasingly difficult for workers in education, healthcare, manufacturing, public safety, and other essential industries to live near their jobs in the Seattle metro area.

The Latitude acquisition follows BRIDGE Housing's recent affordable housing activity in Seattle, where the nonprofit celebrated grand openings of two new communities earlier in 2026: St. Luke's Apartments in the Ballard neighborhood and Copperleaf Northgate in Northgate, the latter developed in partnership with Community Roots Housing. Together, those two projects added 319 units of affordable housing.

Founded in 1983, BRIDGE Housing has participated in the creation of more than 23,000 affordable homes across California, Oregon, and Washington, with a total development cost of $6.8 billion. The nonprofit's current portfolio houses nearly 34,000 residents.

Sources

BRIDGE Housing Press Release: BRIDGE Housing Acquires 108-Unit Everett Apartment Community, Will Convert All Homes Into Long-Term Affordable Housing