Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Regal Ridge, a 97-unit apartment asset in Spokane, Washington. The property sold for $21.5 million, or $221,650 per unit.
“Spokane’s growing population and expanding job market are contributing to the city’s low vacancy and unemployment rates,” said IPA’s Ryan Harmon. “These conditions help create a solid market for multifamily owners and indicate a positive long-term outlook for well-located assets like Regal Ridge.” Harmon and IPA’s Nicholas Ruggiero, Philip Assouad, and Giovanni Napoli represented the seller, Cooper Street Capital, and procured the buyer, CEP Multifamily.
Built in 1994 on 4.5 acres, Regal Ridge is in Spokane’s South Hill neighborhood, across the street from the South Hill Sports Complex and near shopping and dining options on Regal Street. Gonzaga University, Spokane Community College and Spokane International Airport are within a short drive.
Community amenities at Regal Ridge include a swimming pool, playground, and a mail and package room. The unit mix is all two- and three-bedroom apartments, and the average apartment size is 1,110 square feet. Units have washers and dryers, hardwood floors, and private patios or balconies.
