Cornerstone Apartments is a 121-unit, 100% LIHTC property located in Yakima’s West Valley. Built in 1995, the property serves a variety of family sizes with two-, three-, and four-bedroom units. One-quarter of the units are set-aside for tenants earning less than 35% of area median income and the remainder are available for tenants earning less than 60% of area median income.
CDT acquired an 80% limited partner interest in Cornerstone Apartments in 2008. Its partner in the transaction, Southport Financial Services, is a Washington-based developer specializing in affordable housing preservation. The acquisition was structured as a purchase of the existing partnership interest rather than a fee simple sale to enable a future LIHTC transaction. Financing was provided with a new Freddie Mac Targeted Affordable Housing mortgage from NorthMarq Capital.