Home Finance Goodman Real Estate Sells Ravenna Apartment Building for $26MM

Goodman Real Estate Sells Ravenna Apartment Building for $26MM

Mod Apartments, Ravenna, Goodman, Goodman Real Estate
Mod Apartments | Photo: Mod Apartments

By Brittan Jenkins

A landmark apartment building in Seattle’s Ravenna neighborhood just sold for $25,750,000 or about $262,755 per unit to an LLC associated with SKS Trading Co. Ltd. The seller was Goodman Real Estate, which purchased the property in 2015 for $6.75 million.

Located at 6559 35th Ave N.E., the building, which was built in 1965 and is now named MOD Apartments, was declared a landmark by the city of Seattle. After Goodman purchased the property, the group proposed a renovation and expansion to the existing property to include more rooms and an additional structure.

The original 63,084 square foot building, The Theodora, offered 54-rooms but later underwent a land use application proposal to change the existing three-story structure to a 62-unit apartment building. The land use application also called for an additional 23,947 square foot three-story structure that added 36 units for a total of 98 units. Venture General Contracting added the new structure and Clark Design Group served as the architect for the project that was completed in October 2016.

The apartment offers studios, one-, and two-bedroom units, all of which have been updated. The complex also offers a game room, fireplace lounge, fitness center, yoga studio, bike storage and repair station, a dog wash, DIY craft room and an atrium and garden lounge. There are also 31 parking stalls for residents.

According to King County public records, $49,000 deducted in personal property resulting in a taxable selling price of $25,701,000.

Goodman has been buying a seller a number of assets over the course of the last several months. In March of this year, Goodman sold the Junction 160 Apartments in Shoreline for $16 million or about $226,667 per unit. And in February, Goodman sold the Vive Apartments in Ballard for $24 million or $263,700 per unit. Venture General Contracting also carried out the general contracting, design build and pre-construction for that apartment building which was built in 2015. The group also purchased the Wapato Creek Village in Fife for $12.85 million or $110,776 per unit in March.