Seattle’s ArtHouse Apartments Sold to Goodman Real Estate

Goodman Real Estate has added another apartment building in the Seattle area to its holdings.

The Seattle-based firm acquired ArtHouse, a 139-unit residential property in Seattle’s Belltown neighborhood, for $47.8 million, or $343,597 per unit, the Puget Sound Business Journal reported. The seller was TPG Angelo Gordon, an investment firm acquired by private equity company TPG in 2023.

The eight-story building, comprising studios, one- and two-bedroom apartments, sold for nearly 23 percent less than its previous sale price. Angelo Gordon acquired the property in 2021 for $62 million. Its current assessed value is $52.9 million, according to the Business Journal.

JLL’s David Young, Corey Marx and Chris Ross represented TPG in the sale. The ArtHouse property is “ideally positioned to benefit” from Seattle’s $806 million downtown waterfront redevelopment, the company said in a news release, per the Journal.

Goodman has been making changes to its real estate portfolio throughout this year with a string of sales as well as acquisitions. In September, the company bought the 8th & Republican building in South Lake Union for $94.7 million, the Business Journal reported. The firm has also been adding properties outside Washington with the October purchase of the 119-unit Scottsdale on Main apartment building in Scottsdale, Arizona, for $66.1 million.

Earlier this month, Goodman sold the 142-unit Pacific Walk Townhomes complex in Lakewood for $21.5 million. In October, it offloaded the 156-unit Tessera Apartments development in Everett for $38.8 million. Over the summer, Goodman sold The Lodge at Madrona apartments in Tacoma, consisting of 465 units across 24 buildings, for $84 million. Early this year, it traded away the 230-unit Altitude 104 residential complex in Parkland for $40.7 million.

Multifamily sales activity in Seattle picked up in the third quarter, according to Kidder Mathews data cited by the Business Journal.

— Chris Malone Méndez