Project Description

Spokane, Washington

The Serrano Apartments was built in 1984, situated on 5.48 acres with tile roofs, stucco, and cedar trim. The complex consists of 180 units spread over 9 buildings, with a central clubhouse, pool and fitness center. The location is highly desirable to a diversified tenant profile who work locally. Occupancy has consistently been in the mid 90’s at the subject as well as the marketplace. Serrano is situated about 10 minutes north of Downtown Spokane, and less than 5 miles from both Gonzaga and Whitworth. Division Street is the major arterial for retail and commercial uses; North Town Mall, which includes Macy’s, Sears and Kohl’s, is approximately 1.5 miles away. Providence Holy Hospital is also minutes away. Due to its central location and attractiveness, this well built and maintained asset is highly desirable to singles, couples and families. All units are either 2 or 3 Bedrooms averaging, 916 square feet. Top floor units have vaulted ceilings with wood burning fireplaces. The complex includes 57 single car garages, in addition to carports and uncovered parking within the complex and on the street. Rent growth has been steady and this asset is well situated to continue to be a strong yield driven investment with upside through future growth.

Transaction Details

CLOSING PRICE

$11,960,000

CAP RATE

6.3%

BUYER

Private Investor

SELLER

Goodman Real Estate

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