Home Finance 17-Unit Apartment Portfolio in Spokane Sells for $2.6MM

17-Unit Apartment Portfolio in Spokane Sells for $2.6MM

Marcus & Millichap, Spokane, Seattle, Portland, Providence Hospital

SPOKANE, WA, April 25, 2023 – 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 a 17-unit apartment portfolio located in Spokane, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $2,555,000 (approximately $150,294 per unit).

Georgie Christensen-Riley and Joshua C. Reynolds, investment specialists in Marcus & Millichap’s Portland office, had the exclusive listing to market the property on behalf of the seller and secured the buyer in cooperation with Joel Deis.

The three-property portfolio consists of 17 apartment units and a 0.16-acre parcel of land at 212-218 W 7thAvenue and 45 E 8th Avenue, Spokane, WA within walking distance of Providence Hospital. Each of the apartment buildings are two-stories, garden-style, built in 1963 and 1956. Most of the units have been renovated with new floors, countertops, appliances, and fixtures. The portfolio went under contract within 3 days of listing and sold for 99.6 percent of the list price. The Buyer intends to hold the property long term.

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.