Adds Mark Peppercorn, Archstone group vice president, "Overlook fits our investment criteria very well. The community is on Cougar Mountain--a prime location on Seattle's Eastside. It's situated in an affluent neighborhood surrounded by homes worth up to $4 million and close to I-90." Drever's contrarian investment strategy dates back to Seattle in the early 1970s, when Boeing shed some 63,000 workers. During that period, 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 US portfolio up to 20,000 units before merging with a REIT in 1997, at which point he was under a non-compete clause. When an investment group took the REIT private in 1999, the non-compete clause expired, opening the door for Drever to do it all over again.