Wednesday, November 21, 2018

Sold! 96 Units in Spokane Valley

HFO is pleased to announce the sale of The Blake in Spokane Valley. This newer construction asset was completed in two phases of 48-units each in 2014 and 2018. The property features an attractive unit mix and apartments averaging nearly 1,000 square feet.

The Blake was placed under contract off-market and was an exchange for the buyer. The newest phase of the property was under lease-up during escrow and operations were not fully stabilized as a result. These unstabilized operations challenged the property’s ability to place new debt. HFO worked with the management company and seller to help the lender achieve maximum value.