Maxwell Drever Picks Up 400-Unit Eastside Complex for $38.6M

BELLEVUE, WA-Apartment investor Maxwell Drever is out from under a non-compete clause and bargain hunting again, having paid $38.6 million for the 400-unit Overlook at Lakemont, a luxury hillside garden apartment community on Cougar Mountain in Bellevue.

The property was acquired by Drever Multifamily Opportunity Portfolio Fund LLC, which includes Drever’s family and GE Capital among other institutional and private investors. The Fund has been capitalized to buy $500 million of large apartment complexes nationwide and is bullish on King County, Paul Odland, president and CEO of Drever’s Tiburon, Calif. based Concierge Asset Management, sponsors of the fund.

In the early 1970′s, Drever bought up more than a dozen Puget Sound apartment complexes at depressed prices and sold them off at a profit in the late 1970s, rolling the money into larger, institutional-grade properties elsewhere in the nation. Drever eventually built up a Western U.S. portfolio up to 20,000 units before merging with a REIT in 1997. When a private investment group took the REIT private in 1999, the non-compete clause expired, opening the door for Drever to do it all over again.