$41M payday: Goodman Real Estate sells two apartment buildings

September 12, 2013 — Source

A Boston company this week paid a total of nearly $41.1 million for two new apartment buildings that were developed by Goodman Real Estate in Seattle’s Ballard area, according to public records.

The buildings are the NOBA, 8022 15th Ave. N.W., and the Belay, 6559 15th Ave. N.W. Goodman President and CEO George Petrie said the Belay has approximately 100 units and the NOBA has around 60.

The buyers are two limited liability companies, both with the same address as Intercontinental Real Estate Corp., of Boston. Officials of Intercontinental, a real estate investment trust, were not immediately available. According to its website, Intercontinental has a range of clients, including corporations, foreign governments, pension plans, university endowments and high-net-worth individuals.

The Belay and NOBA were both built in 2012, and Petrie said they’re more than 95 percent leased. Units range from about 400 to 950 square feet, and rents run from $1,100 to $2,360.

Goodman, whose founder John Goodman is a Ballard native, is a privately held company with a market value of more than $2.5 billion, according to its website. The company is developing apartments in Seattle, Kent and Bellevue.

Goodman Real Estate