A joint venture has sold the 240-unit Downtowner Apartments to Seattle-based Goodman Real Estate, Inc. for $12.5 million, or about $52,000 per unit. The property is located at 302-310 4th Ave. S in Seattle, WA.
Goodman Real Estate plans a complete renovation of the historic property, originally constructed in 1910, that will include a seismic retrofit and reworking of the plumbing and electrical systems, roof, common areas, retail space
and all apartment interiors. About 90 tenants who are currently living in the building plan to remain there through the renovation.
Brian Richardson with Etico Property Management Company LLC represented the buyer. The buyer was represented in-house by Goldschmidt & Goldschmidt.
For more information on this transaction, please refer to CoStar COMPS #2491557.