KeyBank Lends a Helping Hand in Washington
ByVillas at Auburn
Cleveland, Ohio—AVS Communities, a real estate development company active in the greater Seattle and Puget Sound region, recently received $95.2 million in tax-exempt bond financing from KeyBank’s Community Development Lending & Investing (CDLI) group to create more affordable housing in the area.
The California-based developer will use the financial help for the Villas at Auburn and the Reserve at Auburn, two multifamily projects that will bring on the market a combined 592 units of affordable housing for residents making 60 percent or less of the area median income. Both projects, which are part of a 19-acre parcel near the Auburn Transit Center, are scheduled for completion in 2018 and will be managed by Indigo Real Estate Services…