Northmarq closes $22.5M sale of Spokane apartments

Northmarq's Seattle investment-sales team closed the $22.5 million sale of Go Go Heights Apartments in Spokane, Washington, according to Connect CRE. The garden-style community has 178 units. That puts the trade at about $126,400 a door. Northmarq represented LC Gogo Heights LLC, the seller; c702 LLC, a Washington-based private investment firm, bought the property. Tyler Smith, Steve Fischer, Joe Kinkopf and Brendan Greenheck led the broker team.

Kinkopf, one of the brokers, was direct: "There were a lot of market headwinds in getting this transaction to the finish line." He said the buyer used its local team to execute "quickly and successfully." The building dates to 1989. It is not trophy real estate, and $22.5 million is not a headline number. The deal cleared because the buyer could move.

Connect CRE sees the sale as continued investor interest in well-located Pacific Northwest multifamily. The announcement also describes a 1989-vintage building with two- and three-bedroom units, not a lease-up or construction play. That puts it on the stabilized side of the market. This publication has argued that stabilized assets can still trade while lease-up risk is pushed into preferred equity. The Spokane sale is the easier side of that divide.

The lease-up deals will be harder to close.