June 14, 2012 – Source
New owner Goodman Real Estate plans a renovation and seismic upgrade of the Downtowner Apartments in Seattle’s International District.
Seattle-based Goodman Real Estate has purchased the 240-unit Downtowner Apartments in the city’s International District for $12.56 million from a New York-based general partnership.
The Seattle firm plans a complete renovation of the historic property that will include a seismic retrofit and reworking of the plumbing and electrical systems, roof, common areas, retail space and all apartment interiors, said Goodman CEO George Petrie.
Located at 308 4th Avenue S., the nine-story Downtowner Apartments was built in 1910. The renovated apartments, which are approximately 450 square feet in size, will target tenants making about 60 percent of the area’s median income, with rents of approximately $950 a unit, including utilities, Petrie said. That compares to about $1,400 a month for a studio apartment of similar age and character in downtown Seattle, he said.
About 90 tenants who are currently living in the building plan to remain there through the renovation.
Goodman has approximately 2,800 units under construction in the Seattle metropolitan area.