Dallas Lightner and Ryan Towner, co-owners of LT Real Estate LLC and LT Property Management LLC, say, despite a challenging year overall for the multifamily real estate market in 2025, they’ve managed to maintain steady growth by pairing real estate and property management services.

Looking forward, they expect demand for both multifamily transactions and property management will grow this year as they anticipate stability in the interest rate environment.

Additionally, the nearly 8-year-old Spokane companies plan to open a second office this year in Coeur d’Alene.

LT Real Estate and LT Property Management, along with related contracting and landscaping companies the co-owners refer to collectively as “LT,” are based in the 5,400-square-foot, two-level, former U.S. Bank building at 902 W. Garland, in the heart of the Garland District.

Towner and Lightner first teamed up when they both worked at prominent Spokane commercial real estate company NAI Black. Towner started working there in 2012 and Lightner joined in 2014.

Lightner, a graduate of Cheney High School and Eastern Washington University, says, “Ryan and I were the two young guys there, just trying to figure it out, and it seemed like teaming up could be a good way to compete.”

Under the mentorship of NAI Black CEO Dave Black and senior brokers Jeff Johnson and Jim Orcutt, Towner and Lightner found success specializing in multifamily real estate sales and were working more deals together by 2016.

Towner, a Shadle Park High School graduate who gained his business acumen at multigenerational family business Towner’s Conoco, says, “From selling apartments, there’s a need for property management. We knew we were going to need to start our own property management company as well.”

Towner and Lightner branched off in 2018, launching LT Real Estate and LT Property Management, initially based in leased space at 2614 N. Monroe.

Through their real estate holding company LT Real Estate Investments LLC, Towner and Lightner purchased their current office location and two adjacent 6,100-square-foot parking lots at the northwest corner of Garland Avenue and Lincoln Street in 2020 and moved there in 2021 following a $400,000 remodeling project handled by Baker Construction & Development Inc., of Spokane.

“Ryan’s a North Side guy, and I’m on the South Hill, so we weren’t going to go downtown,” Lightner says. “Garland is very unique, and it’s a great spot to be.”

Adds Towner, “It’s very centrally located and walkable.”

Towner and Lightner have landed several clients in the neighborhood. For example, LT is the leasing company for the recently constructed 44-unit District Lofts at Garland, at 951 W. Walton.

“We’ve managed a handful of properties in the area,” Lightner says. “And one of our good friends owns a few buildings on Garland.”

Overall in 2025, LT Real Estate saw $46.6 million in total sales volume with 56 residential and investment transactions closed, up from $38.3 million in total volume in 2024.

Recent sales include the 15-unit Samantha Apartments, at 515 S. Coeur d’Alene, for $1.5 million; the 12-unit Westview Manor, at 2015 W. 10th, for $1.8 million; and the 21-unit Evergreen Apartments, at 2103 W. Riverside, for $2.2 million.

Lightner says 80% of LT’s business is focused on helping clients buy and sell multifamily properties.

“And then a lot of times, they’ll retain us for management services,” he says.

Starting from zero units under management in 2018, LT Property Management now has grown to over 2,000 living units under management. The LT companies now have a total of 35 employees.

Lightner says the management company has grown organically, primarily stemming from the brokerage.

“We’re not necessarily knocking on doors and advertising to grow the property management side,” he says.

He contends such growth highlights the need in Spokane for full-service companies that can provide brokerage services, property management, and contractor and renovation services.

Subsidiary company LT Contractor LLC handles cosmetic work when units become vacant and some tenant repairs.

“All the work that we do is just for our clients,” Lightner says. “We’re not doing new construction or huge remodels.”

As a one-stop shop, LT can align services and streamline costs for clients, enabling them to remain competitive in the market, Towner says.

Adds Lightner, “Our clients are investors. When they’re looking at deals, they have to get some kind of return.”

He anticipates that as more regulation comes to Spokane, the need for such aligned services will grow.

“Spokane is very much a mom-and-pop market. A lot of people might own one or two buildings they manage themselves,” Lightner says. “That's worked for them just fine historically, but every new rule just complicates things and makes things more expensive. We're seeing people hire us due to some of that.”

Towner says he expects the company will double its revenue in the next five years.

“We want to continue to expand,” he says. “That really stems from our competitive nature.”

The business partners have signed a lease for office space at the Old City Hall building at 424 E. Sherman, in the Coeur d’Alene business district.

“We're passionate about helping people build wealth through real estate, and northern Idaho is going to allow us to take that next step and service the needs of investors looking to get into that market,” Towner says.

Towner says he and Lightner have built relationships with some professional athletes.

One such investor-partner is Cam Ward, former Washington State University quarterback and the No. 1 overall pick in the 2025 NFL draft made by the Tennessee Titans.

“We did an NIL event at LT when Cam was at Washington State, and it evolved into both a business and a personal relationship with him and his family,” Towner says. “Similar to Dallas and me, they had that competitive drive, so real estate was a natural fit for them.”

Also, former Gonzaga Bulldog and professional basketball player Derek Raivio is working directly with the business partners, Lightner says.

“He works at LT, and we’re partners on a handful of deals,” Lightner says. “He’s also a broker ... and he’s been able to close some deals and partner with Ryan and me on some. Having him join us has been a lot of fun.”

Towner and Lightner began their personal real estate investments with each buying a duplex property early in their careers with the intent to begin building wealth. They say they often encourage employees to do the same.

“We joke around, we can’t be the only ones having fun out here,” Lightner says. “Obviously there’s risk, but we’re trying to encourage people to dream a little bit and set goals and push toward them.”

Towner says elevated interest rates were a significant factor in the industrywide sales slowdown in 2025, but he expects more sales if rates continue to fall.

“We were seeing interest at mid-7%,” he says. “Fortunately, now we’re around 6.5%.”

While he says the market may not recover fully, Towner says, “We do feel like 2026 will be a pretty good year across the board and hopefully, rates will continue to trend down.”