EVERETT, WA - CEP Multifamily announced their acquisition of Regal Ridge, a 97-unit market rate garden apartment community in Spokane's desirable South Hill neighborhood.
Regal Ridge is the first acquisition in Spokane for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to 1,606 units, 475 of which are outside of the Puget Sound Region.
The acquisition price was $21.5 million ($221,650 per unit), according to Josh Jansen, CEP Multifamily's President and Managing Partner.
"We have targeted the Spokane MSA as a top growth market for our suburban, core-plus investment strategy," said Jansen. "Spokane County boasts strong local economic fundamentals as the Inland Northwest's regional employment hub. Residents enjoy a high quality of life and relative housing affordability, which have fostered a diverse, well-educated labor pool. These factors have supported long-term population and employment growth…trends we believe will accelerate in the coming years. We look forward to continuing to grow our presence in the Spokane metro."
Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli, and Philip Assouad of Institutional Property Advisors (IPA) brokered the transaction.
CEP Multifamily is a private equity real estate firm providing accredited investors opportunities to invest in multifamily assets in the Pacific Northwest.
Source: CEP Multifamily