The building offers private apartments with shared amenities and reserves 20% of units for moderate-income families.
A Seattle developer has built an apartment building to share with his friends, reports Alcynna Lloyd in Business Insider.
Chad Dale built Shared Roof, “a 35-unit community that opened in 2023 in Seattle's Phinney Ridge neighborhood” with the help of 13 other friends who invested in the building. Unlike co-living projects, Shared Roof offers private apartments for its residents while sharing amenities. “While residents have private homes, they share a suite of amenities, including a library, an art room, and a rooftop greenhouse. Street-level retail — such as a café, a brewery, and several restaurants — help keep the community connected to the surrounding neighborhood.”
According to Lloyd, “Contributions ranged from $50,000 to $5 million, and ownership stakes in the building's LLC are proportional to each person's investment. At Shared Roof, there are no HOA fees; residents still pay monthly rent, but it goes directly to the LLC rather than a traditional landlord.” Some of the building’s units rent at $8,000 a month, Lloyd notes. “To ensure affordability, Shared Roof participates in Seattle's Multifamily Tax Exemption program (MFTE) and has set aside about 20% of units for moderate-income renters.”
FULL STORY: He didn't want to move away from his friends, so he built them an apartment building. Now, they all own it.
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