Home Finance 7 Lakes Development Buys 31-Unit Apartment Complex in Spokane for $10.15MM

7 Lakes Development Buys 31-Unit Apartment Complex in Spokane for $10.15MM

7 Lakes Development, Lee & Associates Commercial Real Estate Services, The Whispering Pines Apartments, Spokane, Spokane County, Bellevue Capital Group, SVN

December 7, 2022 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the acquisition of The Whispering Pines Apartments, a 31-unit apartment complex located in Spokane, WA, on behalf of their client 7 Lakes Development.

The Whispering Pines Apartments, located on East Sprague Avenue in Spokane, sold for $10,150,000. The 55+ age-restricted complex hit the market in August for the first time since its development in 2016. The gated community offers unassisted housing for seniors with spacious 1,250 SF units, two and three-bedroom floorplans, and two-car garages. The property also offers clubhouse amenities as well as a dog park and large backyards for each unit. Nearly 1/3rd of Spokane County’s residents are estimated to be 55 years or older, contributing to strong demand for senior housing in the area.

“Finding and securing this asset for our clients while operating under a stringent timeline was critical in this transaction. We’d like to thank the buyers and previous ownership group, as well as Nate Gant at SVN for their combined efforts to make this deal happen. Robert Meunier of Bellevue Capital Group secured the debt”, noted Levi Sterley, Associate.

The new ownership plans to continue where the preceding group left off in providing top-tier management and care for the residents and property.

The Lee & Associates team of Ted Wood and Levi Sterley represented the Buyer in this transaction.

ABOUT LEE & ASSOCIATES
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.