JSP Properties LLC, a Sammamish, Washington-based real estate investment company, has purchased for $1.57 million the Highland Halls Apartments, a 14-unit complex located at 1324 W. Fifth, on Spokane’s lower South Hill.
The 13,600-square-foot complex is comprised of two buildings on the northeast corner of Cedar Street and Fifth Avenue. The property is two blocks east of Maple Street, and south of Interstate 90, in the Cliff-Cannon neighborhood.
The 85-year-old apartment complex was previously owned by California residents John Maenchen and Karen Cogswell, Washington state tax documents show.
Max Frame, of Seattle-based commercial real estate brokerage Kidder Mathews, represented the sellers in the transaction.
The average unit size at Highland Halls is 746 square feet for a price per unit of $112,143, according to property information from the Kidder Mathews website. The complex also includes about six parking spaces and a shared laundry.
Despite difficult market conditions and rising interest rates, the property listing generated nine offers, Frame says in a press release announcing the sale of Highland Halls.
“While market conditions are not as favorable currently as we have become accustomed to the last few years in Spokane, it is great to see continued buyer demand for quality assets in Eastern Washington,” Frame says.
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