Entry Level, Affordable Housing is Rare Commodity

Magma Equities recently completed a condominium conversion of a 52-residence community.

KIRKLAND, WA—Fannie Mae reports there are more than 40,000 households in Seattle paying in excess of 50% of income on rent. As entry-level housing remains a need for would-be owners and lack of affordability continues to be a factor in the Seattle metro, condo conversions offer one option. To that end, Magma Equities recently completed a multimillion-dollar condominium conversion of a 52-residence community, the Slater.

“The project was originally designed as a condominium development. While not simple, it made the conversion process a simpler one, and allowed us to market the units at price points more affordable to the first-time buyer,” Ryan Hall, managing principal of El Segundo, CA-based Magma Equities, tells GlobeSt.com. “While we will continue to seek out, acquire and improve older multifamily assets for rent, we see this as a launching point for similar conversions where we can offer entry-level for-sale units as another option for renters being priced out of Seattle and other select West Coast markets.”