Marcus & Millichap Arranges Sale of Apartment Building in Spokane
Marcus & Millichap has arranged the sale of Lincoln Townhomes, a 10-unit apartment property located in Spokane, Washington. The asset sold for $2.1 million.
The buyer, a limited liability company, was secured and represented by Zach Howe, an investment specialist in Marcus & Millichap’s Seattle office. Lincoln Townhomes is located at 3270 N Lincoln St. in Spokane, Washington.
The property was constructed in 2017 and consists of ten two-bedroom, one-and-a-half-bathroom townhome units averaging 1,050 square feet. The transaction was the up-leg to the buyer’s 1031 exchange. They were motivated to trade out of a 1960s vintage apartment that they had owned and managed for 20 years and purchase a newer property with third-party management. Howe assisted them with the sale of their apartment complex in Ellensburg and sourced their 1031 exchange up-leg off-market in Spokane.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout