A Seattle-based firm plans to buy and fix up the 120-unit Ridgeway Apartments on the Westside.
Vitus plans to acquire the property for $6 million and make $8 million in improvements, officials said.
Donna Williams, of city Neighborhood Services, said the project would allow low-income and moderate-income citizens to continue to live at the Ridgeway.
She said the firm will be seeking a PILOT tax abatement on the project.
It would be for 10 years with the value of the abatement some $330,000.