Home Finance Seattle-Based Goodman Real Estate Buys Foundation House at Northgate for $24.5MM

Seattle-Based Goodman Real Estate Buys Foundation House at Northgate for $24.5MM

By Vladimir Bosanac

Foundation House at Northgate, a 65-and-older residential community in Seattle’s northern neighborhood of Northgate sold last week in a transaction worth $24.5 million. The buyer of the 106-unit property was Seattle-based Goodman Real Estate, which paid $231,132 per unit, according to public records filed with the county. The seller was a venture that included Nationwide Health Properties, Ventas, a national investor in nearly 1,300 healthcare assets, and the Florida Retirement System Trust Fund, according to public records. They had owned the property since June of 2007, when they paid $16.5 million for it.

Goodman did not respond to a call seeking comment for the story.

The property was built in 1998. It is located just north of Seattle’s Northgate mall, and it is a two building property with each structure five stories high. The buildings have a combination of studios, one- and two-bedroom units with an average size of 759 square feet, according to a property report with King County. There is also basement parking on the property.

Some of the amenities in the property feature washers and dryers in each unit, free parking, beautician/barber on site, daily exercise and fitness programs and a library among other things.

On its web site, Foundation House at Northgate states that it is a not-for-profit retirement community, but there is no indication if that status would be changed under the new ownership.