Spokane-based real estate investment company Fourth Avenue Capital has acquired the Village on Broadway apartment complex, a 148-unit Class B workforce housing community located at 12623 E. Broadway, in Spokane Valley. 

The company completed the purchase of the Village on Broadway property for $25.5 million on July 10, says Davis Vaughn, managing partner at Fourth Avenue Capital.

Built in 1996, Village on Broadway occupies 7.3 acres and consists of 148 rental units across 13 residential buildings, along with a stand-alone leasing office. The community offers a mix of one-, two-, and three-bedroom floor plans, with an average size of 926 square feet per unit. Residents have access to multiple parking options, including 270 total spaces, with one carport per unit, as well as garage and surface parking, according to a press release from the company.

Fourth Avenue Capital is planning upgrades the Village on Broadway complex through targeted capital improvements to include an enhanced entrance, upgrading amenities, and repainting the exterior. 

"Village on Broadway is a well-located asset in a growth market with differentiated floor plans," says Vaughn in a press release. "As a Spokane-based company, we are excited about the opportunity to invest locally and continue our commitment to quality housing in our home market."

Fourth Avenue Capital is a real estate investment, development, and operating company with offices in Seattle and Spokane, focused on middle market multifamily assets in the Pacific Northwest. The company plans to expand its portfolio through strategic acquisitions, leveraging strong relationships with industry partners, and its ability to identify attractive investment opportunities. By aligning investor interests and implementing sustainable practices, the company aims to create lasting value while making a positive impact on the communities it serves.

Fourth Avenue Capital has acquired over 1,400 units to date and has a development pipeline exceeding 500 units and $150 million cost. Its existing assets under management total more than $400 million.

The acquisition of the Village on Broadway apartment complex expands the investment group's portfolio to 26 properties, including three others in the Spokane–Coeur d'Alene area.

In Spokane, Fourth Avenue Capital owns 940 North, a student housing community near Gonzaga University's campus, at 940 N. Ruby. In Coeur d'Alene, the company recently has acquired the 10-story 41-unit Lake Tower Apartments building, located at 100 E. Coeur d’Alene.

Fourth Avenue Capital also is developing a 240-unit luxury apartment complex on the mixed-use Meadowwood Technology Campus, dubbed Signal Point Apartment Homes at 24085 E. Mission, in Liberty Lake, as previously reported by the Journal.