Salt Lake City-based Western Region Nonprofit Housing Corp. has agreed to buy the nine-building Regal Arms Apartments complex on Spokane’ s North Side and plans to start a $1.5 million renovation there later this month, says Ryan Hackett, development coordinator for the nonprofit.
Western Region Nonprofit expects to complete its purchase this week, Hackett says. It will own and operate the property at 4102 N. Regal under the single-purpose entity of Regal Arms Spokane LLC, Hackett says.
Roger Nielsen of Kier Construction Corp., the Ogden, Utah-based contractor for the project, says the remodel of the complex is slated to begin on April 15 and to be completed by the beginning of August. The complex has 64 units, all of which are to be updated.
The remodel of the just over 61,000-square-feet of apartment space in the eight multi family buildings will include painting walls; replacing cabinets; installing new flooring, doors, and trim; and updating appliances and fixtures, Nielsen says.
Exterior remodeling will include new roofing, siding, and an asphalt overlay for the parking lot.
Hackett says he believes the complex was built in 1970.
“We’re a nonprofit housing provider; our mission is to preserve low- and moderate-income housing,” he says.
The organization applied for and received tax credits from the Washington State Housing Finance Commission, which it then sold to investors to pay for the renovation. The process is competitive amongst developers, Hackett says.
The state of Washington doesn’t give out subsidies for new properties to be designated low-income housing, Hackett says, so the organization is trying to “preserve what they have out there.”
“These projects are in dire need of updating,” he says.
Subscribe today to our free E-Newsletters!SUBSCRIBE