Max Frame of the Simon Anderson team, a multifamily investment team at Kidder Mathews, successfully closed two apartment sales in Spokane, Washington this week. The properties included Coventry Estates and Lincoln Place.
Frame represented the owner in selling both properties to one buyer. Totaling $7,623,000, this portfolio sale demonstrates the growing demand in Eastern Washington’s dynamic multifamily market.
Lincoln Place, located at 912 W Lincoln Place, achieved one of Spokane’s highest-ever price-per-door sales for value-add properties. The 12-unit multifamily complex, situated in the desirable South Hill neighborhood, sold for $2,188,000.
Coventry Estates, located at 3131 S Cook Street, is a 39-unit 1980s value-add property in Spokane’s Lower South Hill that sold for $5,435,000.
“These transactions highlight the increasing interest in Spokane’s multifamily market, particularly for value-add opportunities,” said Frame. “With favorable market conditions and a renewed focus on Eastern Washington, we are seeing strong investor activity in this region.”
According to Kidder Mathews’ Q4 2024 Eastern Washington Apartment Market Dynamics report, released by Frame and the team earlier this week, the region is experiencing significant momentum. Current trends show increased activity in building sales and total sales volume, driven by stabilizing cap rates and pricing metrics. While vacancy rates remain elevated due to ongoing new construction, a shrinking development pipeline is expected to tighten vacancies and boost rents. Larger properties are also reemerging, with nine 50+ unit sales recorded in Q3.
Working out of Kidder Mathews’ headquarters in Seattle, Washington, Max specializes in representing sellers and buyers in the sale of Eastern Washington apartments. Born and raised in Eastern Washington, Max combines his local knowledge and expertise of these markets with Kidder Mathews’ national exposure and outreach. Max works with Executive Vice Presidents Dylan Simon and Jerrid Anderson of the Simon and Anderson team.
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 10 brokerage professionals specializes in the sale and purchasing of apartment buildings and development land from $1 million to more than $100 million.
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages more than 57 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually.
