By Kate Snyder
Spokane continues to see multifamily real estate transactions with the recent acquisition of a two-property portfolio in the city’s Bemiss and Logan neighborhoods.
The Flats on Foothills, a 72-unit apartment building, and The Flats on Liberty, a 48-unit community, traded hands for $30.6 million, or approximately $255,000 per unit, according to information from Foundation Group, which brokered the deal. The buyer was Brinkman Real Estate. According to public information, the seller appears to have been Foothills Project, LLC, and Liberty Project, LLC, the latter of which shares an address with 4 Degrees, a real estate and property management company based in Spokane.
Foundation Group partners Isaac Chamberlin and Aaron Locke were the brokers representing the buyer and seller on the transaction.
The Flats on Liberty is located at 3001 E Liberty Ave., and The Flats on Foothills is located at 519 E North Foothills Drive. Both communities offer a mix of one- and two-bedroom units, according to Apartments.com. Amenities for both include hardwood floors, vinyl flooring, Wi-Fi and in-unit washers and dryers. Other features are a pet play area and accessibility for individuals with hearing and vision impairments.
Several multifamily communities have been sold in Spokane in the past six months.
In December, Lee & Associates Commercial Real Estate Services announced that 7 Lakes Development acquired The Whispering Pines Apartments, a 31-unit apartment complex located at 19106 E Sprague Ave. The property sold for $10.2 million. The 55+ age-restricted complex offers unassisted housing for seniors in two and three-bedroom units with two-car garages. The property also offers clubhouse amenities as well as a dog park and backyards for each unit.
Last year, Pineview, a 54-unit apartment property, and Court Arthur, a 57-unit apartment property, were acquired by Cooper Street Capital in a portfolio deal for $16.6 million, or about $149,099 per unit. Both properties are located in the South Hill neighborhood. Pineview was built in 1985 and consists of 11 one-bedroom, 39 two-bedroom and four three-bedroom units located at 1405 E 30th Ave. Court Arthur was built in 1979 and consists of 57 one-bedroom units located at 1026 through 1204 E 30th Ave.
