CEP Multifamily recently acquired Regal Ridge, a 97-unit market-rate garden apartment community located in Spokane’s South Hill neighborhood. This is the Everett-based firm’s first acquisition in Spokane and grows their existing Pacific Northwest portfolio to 1,606 units, 475 of which are outside of the Puget Sound Region.
The purchase price was $21.5 million or $221,650 per unit according to Josh Jansen CEP Multifamily’s President and Managing Partner. Ryan Harmon, Nicholas Ruggeiro Giovanni Napoli and Philip Assouad from Institutional Property Advisors (IPA) brokered the transaction on behalf of CEP Multifamily .
Jansen commented that “Spokane County has been identified as a top growth market for our suburban core plus investment strategy due its strong local economic fundamentals as an Inland Northwest regional employment hub.” He further added that “Residents enjoy high quality living standards with relative housing affordability which have fostered a diverse well educated labor pool.”
