Goodman Real Estate Sells Lakewood Townhome Complex

Goodman Real Estate has made another cut to its Puget Sound multifamily portfolio.

The Seattle-based firm sold the 142-unit Pacific Walk Townhomes complex in Lakewood for $21.5 million, or $151,000 per unit, the Puget Sound Business Journal reported. Pacific Walk Apts LLC, an entity linked to Jeff Jensen of Fox Island, was the buyer.

Goodman purchased the townhome-style community in 2003 from Virtú Evergreen Associates, a Virtú Investments affiliate, for $5.8 million. The 37-building complex at 8333 32nd Avenue South was built in 1946. It is located on 10 acres with units averaging 838 square feet. Kidder Mathews brokers Dylan Simon, Jerrid Anderson, Elijah Piper and J.D. Fuller represented both sides of the deal.

Lakewood’s fundamentals are attractive to investors looking for stable workforce housing assets, Piper told the Business Journal. The Pierce County enclave is “benefiting from a major wave of industrial expansion that continues to strengthen the local economy and attract new investment,” Piper said.

This year alone, Goodman has sold three other multifamily properties in the Puget Sound region.

In October, it sold the 156-unit Tessera apartment complex in Everett to Los Angeles-based Benedict Canyon Equities for $38.8 million. Goodman also sold the 465-unit Lodge at Madrona in Tacoma to Benedict Canyon in July for $84 million. In February, another Los Angeles-based investor, Oro Capital Advisors, bought the 230-unit Altitude 104 apartment complex in Parkland for $40.7 million.

Goodman hasn’t just been selling off properties in the area. In October, it partnered with Principal Financial Group to buy the 8th & Republican apartment building in South Lake Union for $94.7 million.

While headquartered in Seattle, Goodman has multifamily real estate holdings across the United States. In October, the firm bought the 119-unit Scottsdale on Main apartment building in Scottsdale, Arizona for $66.1 million. The seller in that transaction was Denver-based Baron Properties.

— Chris Malone Méndez