MLK Housing Development signs lease with buy option on three apartments

Martin Luther King Housing Development has announced the recent signing of a five-year lease – with an option to purchase – three apartment buildings located in Tacoma.

The apartment complexes are as follows:

n The Brant Apartments, located at 247 Fawcett Ave., consisting of 22 studio and 16 one-bedroom apartments;

n The Lauriston Apartments, located at 235 Tacoma Ave. South, consisting of 22 studio apartments; and

n The Bolivar Apartments, located at 1121 South I Street, consisting of 3 studios, 27 one-bedrooms and 12 two-bedrooms.

Acquiring the buildings will bring Martin Luther King Housing Development Association to a total of 325 units in which they own and manage in Pierce County; compared to the 220 units they recently held.

Christopher J. Koh, President of Coho Properties in Seattle, owns the property.

“Acquiring these buildings represents a small part of our organization’s long term strategic plan to address the community housing issue in relation to homelessness,” said Executive Director Felix Flannigan,

“Since our acquisition of The King Center, we recognize this sense of urgency and the units these building bring to our portfolio will assist us as we address this important issue.”