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Japanese investor has acquired the Driftwood Apartments, a 382-unit complex south of Seattle, for $92.7 million. The purchase price is $39 million higher than what the property traded for seven years ago. Financial Partners Group's affiliate bought the property at 1610 West James Place in Kent from Goodman Real Estate.
The deal works out to $242,670 per unit, a significant increase from the $141,623 per unit that Goodman paid in 2017. Goodman invested heavily in renovations after purchasing the complex, which was built in 1978 and spans 5 acres with 36 buildings.
Rents at Driftwood range from $1,450 for a studio to $2,100 for a two-bedroom apartment. The typical asking rent in greater Seattle rose 0.1% in August but dropped 1.9% year-over-year. Financial Partners Group focuses on leasing and real estate investments globally and owns several hotels in Hawaii.
The sale marks a significant increase in value for the property, which was previously valued at $54.1 million. Goodman's CEO cited achieving their investment plan as the reason for selling the complex.
