Spokane Valley apartment complex sells for $145M
Buyers secure $107M to finance purchaseSeptember 22nd, 2022
The Granite Pointe apartment complex in Spokane Valley has been purchased for $145 million, according to a release from the Bellevue, Washington office of Berkadia, a New York-based financial group that serves the commercial real estate industry.
The property provides over 500 rental units located at 12707 E. Main, in Spokane Valley.
Los Angeles-based real estate investment company Twelve 925 East Mansfield Owner I LLC purchased the property, Washington state tax records show.
The Los Angeles office of Berkadia secured acquisition financing on behalf of the buyer for $102.7 million with a four-year bridge loan, the release states.
Representatives from Berkadia couldn’t immediately be reached for comment.
The seller is listed as Spokane-based real estate company Hal Valley Apartments II LLC, which is governed by Christopher Ashenbrener and William Lawson.
Lawson also is the owner and president of A&A Construction & Development Inc., of Spokane, according to tax information on file with the Washington state Department of Revenue.
A&A Construction & Development developed and built the Granite Pointe property, as previously reported by the Journal.
“Granite Pointe ... will provide our buyer with immediate scale and ample upside moving forward as the Spokane Metropolitan Statistical Area continues to expand at a rapid pace,” says Berkadia director George Pallis, in the release. “It will now set the stage for future core-plus trades in the market to come.”
Core-plus real estate refers to real estate properties with high-quality tenants, in good, but not great locations, that are purchased aggressively and with more debt, according to Bullpen, a San Francisco-based real estate news outlet.
The complex has 24 buildings on 24 acres less than half a mile north of Interstate 90 and east of Route 27.
The first Granite Pointe apartment building was a 144-unit structure erected in 2008 for $11.4 million, followed by a second phase of 230 units built in 2013, valued at $20.7 million, the Journal has previously reported. The third phase brought 184 units online and was valued at $17.9 million in 2017.