A 178-unit, 6.5-acre garden style apartment community in North Spokane has changed hands, highlighting increasing interest from out-of-town investors in Spokane-area multifamily properties, says Joe Kinkopf, senior vice president of Northmarq Capital LLC’s Seattle Investment Sales team.

The 193,000-square-foot property is comprised of 10 residential buildings with a mix of two- and three-bedroom units. GoGo Heights Apartments is located at 7024 N. Colton in Spokane's Shiloh Hills neighborhood, about a mile north of NorthTown Mall. The site was purchased in August by Seattle-based private investment company C702 LLC for $22.5 million, Kinkopf says.

GoGo Heights is located near several restaurants, stores, public transit stops, and medical facilities on or near North Division Street, including Trader Joe’s, Providence Holy Family Hospital, Spokane Urgent Care North, Golden Corral Buffet & Grill, and Texas Roadhouse, which added to the value for investors, Kinkopf says.

“Institutions are looking at Spokane,” Kinkopf says. “It’s relatively new on the board for a lot of national investors, but we are seeing increasing interest (in the area).”

Kinkopf brokered the sale and represented seller LC GoGo Heights LLC, of Portland, Oregon, he says. The 37-year-old property was sold in under 90 days from its listing. Kinkopf attributes the quick transaction to investors who were drawn to a maintained property without a need for major electrical, plumbing, or roofing upgrades.

Kinkopf says the Spokane multifamily property market experienced a boom period in 2022 and 2023 as a high number of properties entered the market. Since then, the market has softened, and more owners are considering selling their properties due to occupancy challenges and rent pressure.

Currently, buyers are getting better deals per unit in Spokane because of market headwinds, making it a good time to buy large multifamily properties in Spokane compared to other areas such as Post Falls and the Tri-Cities, Kinkopf contends.

“A lot of investors think it might be a good time to get into Spokane because we're a little bit past that boom period, and in a relative value term compared to other Eastern Washington markets, you're getting a really good price per pound in Spokane right now,” he says.