SPOKANE, WA, October 19, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Pineview, a 54-unit apartment property and Court Arthur, a 57-unit apartment property each located in the South Hill neighborhood just 10 minutes from downtown Spokane, WA. According to Ryan Harmon, an associate at the firm’s Seattle office the assets sold for $8,250,000 and $8,300,000 respectively or $149,099 per unit on a blended basis.
Ryan Harmon, Nicholas Ruggiero, Giovanni Napoli, and Philip Assouad, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market each property on behalf of the respective sellers and also secured the buyer, Cooper Street Capital.
Pineview was built in 1985 and consists of 11 one-bedroom, 39 two-bedroom and 4 three-bedroom units located at 1405 E 30th Ave in Spokane, WA. Court Arthur was built in 1979 and consists of 57 one-bedroom units located at 1026 – 1204 E 30th Ave in Spokane, WA. Both assets offer a value-add investment strategy for the incoming owner.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.