Marcus & Millichap Arranges $16.5M Sale of Spokane Apartments
Marcus & Millichap has arranged the sale of Pine View, a 54-unit apartment property and Court Arthur, a 57-unit multifamily complex in Spokane, WA. The communities were purchased by Cooper Street Capital for $8.2 million and $8.3 million respectively, or $149,000 per unit on a blended basis.
The firm’s Ryan Harmon, Nicholas Ruggiero, Giovanni Napoli and Philip Assouad in Marcus & Millichap’s Seattle office had the exclusive listing for each property on behalf of the sellers and also secured the buyer.
Both communities are located in the South Hill neighborhood, just 10 minutes from downtown Spokane. Pine View (pictured), located at 1405 E 30th Ave., was built in 1985 and consists of one-, two- and three-bedroom units. Court Arthur, located at 1026 E 30th Ave., was built in 1979 and consists solely of one-bedroom units. Both assets offer a value-add investment strategy for the buyer.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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