55+ Apartment Community in Spokane Sells for $10.15M
FIRST SALE SINCE DEVELOPMENT IN 2016
December 7, 2022 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the acquisition of The Whispering Pines Apartments, a 31-unit apartment complex located in Spokane, WA, on behalf of their client 7 Lakes Development.
The Whispering Pines Apartments, located on East Sprague Avenue in Spokane, sold for $10,150,000. The 55+ age-restricted complex hit the market in August for the first time since its development in 2016. The gated community offers unassisted housing for seniors with spacious 1,250 SF units, two and three-bedroom floorplans, and two-car garages. The property also offers clubhouse amenities as well as a dog park and large backyards for each unit. Nearly 1/3rd of Spokane County’s residents are estimated to be 55 years or older, contributing to strong demand for senior housing in the area.
“Finding and securing this asset for our clients while operating under a stringent timeline was critical in this transaction. We’d like to thank the buyers and previous ownership group, as well as Nate Gant at SVN for their combined efforts to make this deal happen. Robert Meunier of Bellevue Capital Group secured the debt”, noted Levi Sterley, Associate.
The new ownership plans to continue where the preceding group left off in providing top-tier management and care for the residents and property.
The Lee & Associates team of Ted Wood and Levi Sterley represented the Buyer in this transaction.
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