ARLINGTON, WASH. — AMWA Development Inc. has closed on a construction financing transaction for Cedar Pointe, a 255-unit affordable seniors housing community in Arlington, approximately 45 miles north of Seattle.
Located on a four-acre site in the city’s Smokey Point neighborhood, the property will offer 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager’s unit. All residents must be over the age of 55 and earning 60 percent or less of the area median income.
Finance partners on the project include Washington State Housing Finance Commission, Hudson Housing Capital and Citi Community Capital.
AMWA Construction will oversee the construction process, with a planned delivery of August 2020. FPI Management will operate the community.
Cedar Pointe is the first real estate development project in Washington for AMWA Development, an independently owned and operated affiliate of AMCAL, a Southern California-based real estate developer.