CEP Multifamily acquired Regal Ridge, a 97-unit market-rate garden apartment community in Spokane’s South Hill neighborhood. Regal Ridge is the first acquisition in Spokane for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to 1,606 units, 475 of which are outside of the Puget Sound Region. 

The acquisition price was $21.5 million, or $221,650 per unit, according to Josh Jansen, CEP Multifamily’s President and Managing Partner. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli, and Philip Assouad of Institutional Property Advisors (IPA) brokered the transaction. 

“We have targeted the Spokane MSA as a top growth market for our suburban, core-plus investment strategy,” said Jansen. “Spokane County boasts strong local economic fundamentals as the Inland Northwest’s regional employment hub.  Residents enjoy a high quality of life and relative housing affordability, which have fostered a diverse, well-educated labor pool.”