Linger Longer Lodge sells for $5.9 million
Los Angeles investor buys 90-unit apartment complexOctober 26th, 2017
Hutchinson Chelan LLC has purchased a 90-unit apartment complex at 1815 N. Hutchinson Road from Los Angeles-based 1815 Hutchinson LLC, for $5.9 million, says James Black, senior investment specialist with Spokane-based commercial Real Estate Brokerage NAI Black.
Black represented the seller, and Jordan Tampien, of 4 Degrees Realty, represented the buyer on the transaction, which was completed Sept. 13.
Both the buyer and the seller are Los Angeles-based private real estate investors, says Black.
Dubbed The Linger Longer Lodge, the 94-apartment complex is situated on 4.1 acres of land and has a mixture of studio, one-bedroom, and two-bedroom apartments, with a current occupancy rate of 94 percent. It also has a clubhouse, pool, carports, and on-site management, Black says.
“The apartment market in Spokane is extremely hot right now,” says Black. “If something is priced appropriately, it’ll sell really quickly.”
The Linger Longer Lodge is near Interstate 90 and Argonne Road. Nearby businesses include Motel 6 Spokane East, and Quality Inn Valley Suites. Knox Park is to the north of the complex.
NAI Black’s Spokane affiliates Black Commercial Inc., and Black Realty Management Inc., have a combined total of 68 commercial agents and property managers and a total of 148 Spokane-area employees.
Signature Holdings LLC, of Spokane, has purchased as an investment a 4,000-square-foot multifamily building at 25 N. Airport Road, in Deer Park. Ryan Towner and Dallas Lightner, of NAI Black, handled the transaction.
R & R Family Properties LLC has purchased as an investment nearly 5 acres of land with a combination of about 40 multifamily residential units and mobile homes at 4409 and 4415 N. Adams Road. James Black, of NAI Black, and Joel Tampien and Jordan Tampien, of 4 Degrees Real Estate, handled the transaction.
Spokane developer Lanzce G. Douglass has purchased 4.7 acres of vacant land at 15702-15722 E. Broadway as an investment. Craig Hunter and Rob Kannapien, of Coldwell Banker Commercial Schneidmiller Realty represented the sellers. Ryan Layton, of American Real Estate Association, represented the buyer.