Marcus & Millichap Arranges the Sale of the Park Place Apartments in Spokane Valley WA
October 25, 2021
SPOKANE VALLEY, WA, October 15, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Park Place Apartments, a 65-unit apartment property located in Spokane Valley, WA, according to Joel Deis, regional manager of the firm’s Portland and Seattle offices. The asset sold for $8,000,000.
The buyer was secured and represented by Georgie Christensen-Riley and Joshua C. Reynolds, investment specialists in Marcus & Millichap’s Portland office. This sale marks the team’s second transaction completed in the Spokane Valley this year, a market which has seen 32% rent growth since March 2020.
Park Place Apartments is located at 916 Ella Road in Spokane Valley, WA. The property offers garage parking and a mix of studio and two-bedroom units. The layout offers lots of open space for the tenants and provides a park-like atmosphere. The property is close to Dishman Hills Natural Area, Mt. Spokane and Interstate 90, providing outdoor recreation and quick access to downtown.