Seattle & Northwest + Washington + Apartments | April 27, 2023

Spokane Apartment Portfolio Goes Under Contract in Three Days

Marcus & Millichap arranged the sale of a 17-unit apartment portfolio located in Spokane. The asset sold for $2,555,000.

Georgie Christensen-Riley and Joshua C. Reynolds, investment specialists in Marcus & Millichap’s Portland office, marketed the property on behalf of the seller and secured the buyer in cooperation with Joel Deis.

The three-property portfolio consists of 17 apartment units and a 0.16-acre parcel of land at 212-218 W 7th Ave. and 45 E 8th Ave. in Spokane, within walking distance of Providence Hospital. Each of the apartment buildings are two stories, garden-style, built in 1963 and 1956. Most of the units have been renovated with new floors, countertops, appliances, and fixtures.

The portfolio went under contract within three days of listing and sold for 99.6% of the list price, according to Marcus & Millichap. The buyer intends to hold the property long term.

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Marcus & Millichap's Christensen-Riley

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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