Housing Diversity Corporation and Partners Deliver 271 New Homes, 200 with Permanent Affordability, in South Seattle
SEATTLE, WA, March 10, 2026, Community leaders, residents, and development partners are gathering today to celebrate the Grand Opening of Atrium Court, a new affordable housing and retail development located at 7324 Martin Luther King Jr. Way S., steps from the Othello Light Rail Station.
EVENT DETAILS
Atrium Court is a transit-oriented project that brings 271 new apartment homes for working families and community-serving retail to one of South Seattle's most diverse communities. Residents of the Othello neighborhood speak more than 40 languages.
The development was financed through a public-private partnership including a $15 million equity investment from the AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital® and CEI-Boulos Capital Management, and a $16 million below-market loan from the Amazon's housing fund. The project was co-sponsored by O.Z. Navigator, a partnership between Housing Diversity Corporation and Nitze-Stagen focused on long-term community benefit in Seattle's Opportunity Zones. Trez Capital provided $41 million in primary construction financing.
The majority of the ground-floor retail space at Atrium Court is being acquired through national nonprofit Grow America in partnership with the City of Seattle's Business Community Ownership Fund to support converting the commercial space into permanent ownership by community-serving businesses. This type of ownership aims to stabilize commercial rents, prevent displacement, and support entrepreneurs who reflect the culture and diversity of Southeast Seattle.
“Expanding affordable housing options requires coordinated investment across the public, nonprofit, philanthropic, and private sectors. Partnerships like the one here at Atrium Court are essential as we build more housing that workers and families can afford in the neighborhoods that need it the most," said Mayor Katie Wilson. "Together here, with our partners Grow America, we're purchasing a ground-floor retail space to be filled by our Business Community Ownership Fund. By purchasing the space, OED is able to work with neighbors and community, strengthening the Othello neighborhood and supporting long-term cultural and economic sustainability."
Atrium Court’s 271 apartments include 200 income-restricted units — 74% of the building’s apartments — affordable to households earning 50–80% of Area Median Income (AMI). All 200 homes carry a 99-year affordability covenant, ensuring long-term housing stability for residents.
“Othello is one of Seattle's most diverse and dynamic neighborhoods — and it should stay that way for the families who live here today and those who will call it home in the future. We believe that standard is both achievable and replicable, and that mission-driven private development has a critical role to play in making it happen across South Seattle and in cities across the country looking for a new model," said Brad Padden, CEO and Founder of Housing Diversity Corporation.
Located less than 200 feet from the Othello Light Rail Station, Atrium Court advances Seattle’s Urban Village strategy by concentrating affordable and workforce homes near transit and daily necessities, reducing residents’ transportation costs and carbon footprint.
“We’re committed to investing private capital to help revitalize historically underinvested communities like Seattle’s Othello neighborhood,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “We’re thrilled to be partnering with Allivate Impact Capital and the Amazon's housing fund to support this socially and environmentally impactful project that will provide transit-oriented affordable housing to residents of this multicultural community.”
Doug Schaeffer, Co-Founder and Board Chairman of Allivate Impact Capital, added, “The Atrium Court project demonstrates how the Opportunity Zone program can positively benefit communities. Our team remains committed to investing OZ dollars in ways that elevate neighborhoods like Othello to deliver long-term affordable housing and sustainability alongside like-minded partners and community leaders.”
“Working families deserve the stability of knowing their home will remain affordable for generations to come," said Senthil Sankaran, Managing Principal, Amazon's housing fund. "Our partnership at Atrium Court highlights what's possible when mission-driven partners come together around a shared commitment: 99 years of affordability, right next to transit, in one of Seattle's most vibrant, diverse neighborhoods.”
“Thirty years of working at the intersection of impact and investment have taught me that sustainable impact comes from leveraged investment in local neighborhoods. Atrium Court represents an investment in creating community through attainable housing, honoring community through place-based art and serving community with locally sourced, value-add retail,” said Lisa Nitze, Principal at Nitze-Stagen.
Extensive multilingual community outreach informed the project’s design. One result is a lighted rotating sculpture by local artist Fumi Amano at the building’s entrance, illuminating the darker atrium walls with the word “home” in the languages of the Othello community.
The development incorporates robust environmental sustainability features, including a 33-kilowatt rooftop solar array, passive solar design, stormwater management, composting, water-conserving systems, and all-electric building operations with no fossil-fuel-dependent heating systems. An on-site electric vehicle will be available for residents to reserve, with residents paying only for the time they use the car.
The completed development supports permanent jobs in property management and ground-floor retail operations. The project was designed by Neiman Taber Architects and built by STS Construction Services.
About the Partners
About Housing Diversity Corporation
Housing Diversity Corporation (HDC) is an impact-driven affordable housing fund manager and real estate developer creating affordable-by-design communities near transit and employment. HDC serves households across the 0–80% AMI range with a commitment to long-term affordability. Founded by Brad Padden, HDC has delivered 2,898 new apartments across 24 development projects, with an active portfolio in Seattle and Los Angeles. For media inquiries, contact media@housingdiversity.com. For more information, visit housingdiversity.com.
About Allivate Impact Capital®
Allivate Impact Capital® is an impact investing firm with a mission of using innovative capital solutions to elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. As a subsidiary of Woodforest Financial Group, Allivate leverages a global award-winning Community Development Team to deliver attractive risk-adjusted returns from investments while delivering measurable positive social impact. Learn more at allivate.com and follow us on LinkedIn.
About CEI-Boulos Capital Management
CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). Learn more at www.ceiboulos.com.
About the Seattle Office of Economic Development
Our core purpose is leading projects and making investments that open up access to economic opportunities, reduce the racial wealth gap, and encourage innovation and growth.
Our work is guided by the Future of Seattle Economy framework, which identified five strategic pillars and, via Resolution 32099, serves as the City of Seattle’s economic development policy framework.
We seek to strike a balance between supporting our local economy and competing in the global economy. Our work improves regional economic development, City policy priorities, and City operations. Through collaborative partnerships with the public, private, and philanthropic sectors our investments, policies, and programs will create more jobs, wealth, and vibrancy.
About O.Z. Navigator
O.Z. Navigator sponsors Opportunity Zone projects that enhance the vibrancy and economic diversity of the communities where they are located. A collaboration between two Seattle-based developers, Nitze-Stagen and Housing Diversity Corporation, O.Z. Navigator shares a vision of delivering Opportunity Zone investments that provide meaningful, positive social benefits.