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.