By Jack Stubbs
On Friday September 8th, The Longwell Company, a privately owned real estate management and investment firm based in Bellevue, sold the apartment property Avante Phase II for $54.1 million, or roughly $333,950 per unit, according to public records filed with King County. The buyer was Goodman Real Estate Inc., a Seattle-based investment company that specializes in commercial and multifamily real estate.
Built in 1978, the 162-unit apartment complex is located at 1610 W James Pl in Kent, WA. The asset is comprised of sixteen buildings, combining for a total of 110,290 square feet, according to the property report filed with King County. Avante Phase II is one parcel of a three-parcel property. The second parcel of the property, named Avante Phase I, is comprised of twenty buildings and 220 units. The third parcel is an unused 210,619 square foot piece of land.
Offering easy access to Interstate-5, Hwy 167 and Interstate 405, the complex is located twenty miles northeast of Tacoma and just seven miles to the southeast of the Sea-Tac International Airport. The apartment complex is also proximate to prominent green space, just three miles to the northeast of Lake Fenwish Park and five miles to the east of Saltwater State Park which lies on the eastern edge of Poverty Bay.
The agency that manages the apartments is Pinnacle Realty Management, located in Seattle’s Belltown neighborhood. Pinnacle did not respond for comment about the sale of the Avante Phase II apartments.
Founded in 1980, Goodman Real Estate maintains a diversified portfolio of high-quality commercial property investments across the U.S. and Canada. The company’s portfolio—valued at more than $2.5 billion, according to the company’s web site—contains a variety of assets such as risk-adjusted investments, multi-family properties and commercial and retail buildings.
Since 1992, The Longwell Company has acquired and managed various multi-family real estate assets. Per the company’s web site, Longwell is a established among the institutional lending and brokerage communities within the real estate industry. The company focuses on acquiring and developing multi-family properties in certain demographical locations, specifically working class neighborhoods that are located in close proximity to public transit and employment centers.