Glencrest Group Enters Spokane Market with Salish Flats

Salish Flats, a 216-unit garden-style multifamily community in Airway Heights, WA, was recently acquired by San Francisco-based Glencrest Group for $45 million. The seller was TWG Development.

The property is located seven miles west of downtown Spokane. The area is part of a growing neighborhood anchored by the Northern Quest Resort & Casino, which attracts millions of visitors per year to its gaming facilities, four-star hotel, restaurants and concert venues. Other notable employers in the area include Amazon, Fairchild Air Force Base and the Spokane International Airport. 

Salish Flats benefits from a long-term ground lease with the Kalsipel Tribe of Indians, which also operates Northern Quest. This innovative ownership structure facilitated the first Freddie Mac loan on Native American land and will support further economic development by the Tribe, one of the largest employers in the Spokane MSA.

“Glencrest is excited to enter the fast-growing Spokane market with the addition of a high-quality new-construction property to our Generations portfolio, which is designed for extended ownership by individual investors,” said John Adair, Glencrest managing partner. “We are particularly excited about our partnership with the Kalispel Tribe, given our mutual interest in long-term investment and community development.”

CBRE’s Josh McDonald, Phil Oester and Joe Nydahl represented the buyer and the seller in the transaction. Andrew Behrens and Jesse Weber of CBRE finance team provided debt advisory services and secured a $31 million 10-year full-term interest-only fixed-rate loan on behalf of the buyer.

The property was completed in 2020, and includes a clubhouse and six residential buildings with a unit mix of one-, two- and three-bedroom floorplans.