HASCO in talks to buy Monroe apartments on Blueberry Lane

The Housing Authority of Snohomish County (HASCO) has signed a purchase-and-sale agreement to acquire The Lake Apartments in Monroe, targeting a deal closure by year-end. This complex, which opened in 2022, consists of about 110 units, predominantly three-bedroom, two-bath layouts. Currently, a three-bedroom, 1,012-square-foot apartment rents for $2,500 per month, necessitating a credit score above 670 for prospective tenants. This acquisition aligns with HASCO's mission to enhance housing availability in Snohomish County. Local officials anticipate that the purchase will help address the growing demand for affordable housing in the area.

The deal underscores the ongoing challenges facing the housing market in Monroe, where rental costs are increasingly burdensome. Furthermore, the transaction may set a precedent for future developments aimed at improving housing accessibility in the region. The outcome of this acquisition could influence local housing policies and community planning efforts.