Liberty Lake-based Greenstone Corp. has sold two of its North Side apartment developments for about $34.5 million.

The complexes involved are the 96-unit Selkirk Lodge, at 9295 N. Coursier Lane, off Indian Trail Road, and the 114-unit NorthStar Lodge, at 6614 N. Cedar Road, just north of Waddell’s Brewpub.

Jim Frank, founder of Greenstone, says, “We felt the time was right. We’re just trying to consolidate our ownership in some of our properties.”

He adds that the company has been doing a lot of work in Liberty Lake and Kendall Yards, and it made sense to consolidate.

Frank says both sales were to local groups. 

“It’s good. We just want to continue to have investors coming to town and have enough confidence and make major investments in the Spokane economy,” Frank says.

The Selkirk Lodge complex sold for $14.8 million to a Spokane-based ownership group consisting of a consortium of family trusts.

The 96,100-square-foot, 16-building complex was built in 2005 for about $8 million, the Journal reported at the time. 

The NorthStar Lodge was sold late last year for about $19.7 million to an investment group led by Spokane sports team owner Bobby Brett.

The 113,500-square-foot complex was built in 2008.

Brett, who is managing partner of the Spokane Indians Baseball Club and the Spokane Chiefs hockey team, has stakes in a number of Spokane-area properties, including the Madison Apartments building on the southeast corner of Madison Street and First Avenue downtown that was purchased in 2016 for $3.4 million.

Frank says, “Bobby’s done a lot of investment in Spokane, a lot of different properties. He has a lot of confidence in the Spokane market.”

Brett couldn’t be reached immediately for comment.

Brett, with RenCorp Realty LLC, owner Chris Batten, and fellow Spokane real estate investor John Pariseau, have been involved in more than a dozen property acquisitions in downtown Spokane. 

Other acquisitions by members of the group include the former Huppin’s building, at 421 W. Main, and the adjacent former Dutch’s building, at 415 W. Main; the Holley Mason Building, at 157 S. Howard; the Numerica building, at 502 W. Riverside; and the Havermale Block, which is bordered on the north and south by Riverside and Sprague avenues just west of Browne Street.

More recently, the group acquired the 5.5-acre Normandie Complex from the city of Spokane.

Located at 127 W. Mission, the complex encompasses two city blocks and has roughly 65,000 square feet of building infrastructure, Batten told the Journal last August. The group purchased the property for $2.4 million, according to Spokane County Assessor’s records.

Erik Nelson and Mike Livingston, both of Spokane-based commercial real estate brokerage Kiemle Hagood, handled the Selkirk Lodge and the NorthStar Lodge transactions.