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.