RYN Built Homes LLC, of Spokane Valley, has started construction on an apartment complex that will have 72 total units with an estimated construction value of $7.5 million, according to city of Spokane Valley documents.
The three-building complex, to be named Barker & Sprague Apartments, is one of a pair of developments planned or underway in Spokane Valley, according to building permit applications in Spokane Valley.
As the project name suggests, the Barker & Sprague Apartments will be located near the northeast corner of Barker Road and Sprague Avenue, at 116 N. Barker, says Scott Krajack, the company’s land development director. RYN Built Homes also is the general contractor on the project, he says.
Plans call for one building to occupy 25,500 square feet of space with an estimated construction value of $2.9 million; a second, 21,900-square-foot building has a listed value of $2.5 million; and a third, 18,900-square-foot structure has a construction value of $2.1 million, according to the application.
The Spokane County Assessor’s Office shows the 3.4-acre parcel on which the units would be built had an assessed value of $388,500 in 2020.
Krajack says the region’s housing shortage spurred the company to move quicker than it first anticipated.
“We bought that land in 2019 and sat on it for a little while,” he says. “Then we looked at the housing crunch and said, ‘let’s get moving on this.’’’
Additional apartments planned or under construction in Spokane County may provide relief to some people currently struggling to find a residence here.
In March, the vacancy rate for all apartments in Spokane County was 0.6%, according to the Washington Center for Real Estate Research’s spring 2021 Apartment Market Report.
The vacancy rates were 0.4% for a one-bedroom apartment and 0.7% for a two-bedroom unit. The WCRER report shows Spokane Count vacancy rates for all apartments has been declining gradually since the fall of 2018, when the vacancy rate stood at 5.8%.
Krajack says RYN Built Homes hopes to complete work on the complex in either the third or fourth quarter of 2022.
The Barker & Sprague Apartments will offer one-bedroom, two-bedroom, and three-bedroom units, he says.
Also in Spokane Valley, Cascade Home Builders LLC, of Snohomish, Washington, has submitted a building permit application for a four-story, 33-unit apartment building at 2310 N. Perrine, at the northeast corner of Perrine Road and Mansfield Avenue.
The planned 38,200-square-foot complex is listed on the application as the Mansfield Apartments. Spokane-based Russell C. Page Architects PS is listed as the project’s architect.
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