Northview Ventures LLC, a company formed by a group of real estate investors here, has bought a 50 percent interest in the undeveloped parts of the big Northwood subdivision in the Spokane Valley.


Bryan Walker, Northview Ventures managing partner, says the company bought the property interest from Northwood Properties Inc., of Spokane, and plans to develop the remaining lots there jointly with that company. He declines to disclose the terms of the transaction.


The Northwood subdivision, which is located on a hillside overlooking Millwood and the western portion of the Valley, currently includes about 200 homes. It has about 220 remaining undeveloped lots.


The subdivisions owners plan to begin marketing four previously undeveloped parts of Northwood that will include a total of about 90 of those remaining lots, Walker says. He says the entire subdivision has been platted for some time, and its developers now are preparing to submit for approval design plans for those four undeveloped parts to Spokane County.


Three of the new areas are located at the western edge of the subdivision near the crest of the hill. Homes in those three neighborhoods, which are to be called Vista Place, Vista Ridge, and The Vista, will have either views of the Valley or of Mount Spokane and will be marketed for prices ranging from $160,000 to more than $500,000.


The fourth part of the subdivision to be developed is located at the south end of Northwood, near the bottom of the hill. Homes there will be marketed for between $130,000 and $150,000.


The subdivisions owners still are soliciting offers from contractors who want to build homes there, says Walker, who is a co-owner and broker at Tomlinson Black Valley Inc., of Spokane.