Fourth Avenue Capital Expands Pacific Northwest Portfolio
The previous owner bought the property in 2019 for $18.2 million.
Fourth Avenue Capital has purchased Village on Broadway, a 148-unit Class B workforce community in Spokane Valley, Wash. American Capital Realty Group sold the asset, according to Yardi Matrix information.
The acquisition brings Fourth Avenue’s portfolio to a total of 26 properties, spanning across multiple states, including Washington, Oregon, Idaho and Montana. In the Spokane–Coeur d’Alene MSA, the company owns three other properties, excluding Village on Broadway.
The current transaction comes after Fourth Avenue’s acquisition of 2121 Belmont Apartments last month. In a joint venture with Range Equity Management and PCCP, the company added the 123-unit community in Portland, Ore., to its portfolio.
A Spokane residential community
American Capital Realty Group bought Village on Broadway for $18.2 million in 2019 from The Wolff Co., with the help of a 10-year, fixed-rate $13 million Fannie Mae loan originated by Wells Fargo Bank, the same data provider shows.
Completed in 1996 at 12623 E. Broadway Ave., the community comprises 13 two- and three-story residential buildings and a standalone leasing office, across a 7-acre site. The apartments have one-, two- and three-bedroom layouts ranging from 709 to 1,185 square feet.
Shared amenities include a playground, a community garden, barbecue spaces, as well as parking options, such as one carport per unit, garages and surface parking amounting to 270 spots. The new ownership plans to renovate the property with improvements to the exterior paint and to the amenities.
The community is near the intersection of Interstate 90 and Washington State Route 27. Village on Broadway is within 2 miles of several eateries and retail options, including a Target-anchored shopping center. Downtown Spokane is some 10 miles west.
This year as of June, 54 multifamily assets in the Pacific Northwest region changed hands, at an average of $295,000 per unit, amounting to a total of $2.6 billion in investment sales, Yardi Matrix data shows. Out of the total number of properties, 35 are located across the state of Washington, while the others are in Oregon.
