VALUE FOUND THROUGH STRATEGY AND STABILITY

PACIFIC PLAZA

CLIENT GOAL
The owner of Pacific Plaza Apartments engaged The Christensen Group with the long-term goal of optimizing performance and exiting into a larger, more scalable asset. Having inherited operational disruption following a management turnover, the owner wanted to preserve their equity while creating a path to grow their multifamily portfolio through a 1031 exchange.

CHALLENGE
When our team first engaged with the seller, Pacific Plaza was underperforming—rent collections were inconsistent, and market visibility was low due to prior management issues. The asset’s 1974 construction, mid-tier finishes, and unique unit mix created complexity in valuation, and investor appetite in Spokane had become increasingly yield-sensitive amid rising rates.

ACTION
Over the course of nearly three years, The Christensen Group worked alongside the owner to implement strategic income improvements through our Operational Edge evaluation, focused on rent growth, unit turn planning, and tightening expense controls. When the asset was ready, we launched a highly targeted marketing campaign highlighting stabilized income, solid amenities, and untapped upside. The listing generated immediate interest, and we secured a qualified buyer within 7 days, who closed within 1% of list price.

RESULT
The property sold in July 2023 for $3,500,000 at a 4.5% cap rate, a strong outcome reflecting the full value of the repositioning effort. The seller successfully completed a 1031 exchange into a 65-unit property in Spokane Valley, expanding their footprint and increasing portfolio efficiency. This transaction showcases how The Christensen Group helps clients turn distressed or overlooked assets into powerful stepping stones for long-term growth.

PACIFIC PLAZA – SPOKANE, WA

Selling Price: $3,500,000
Year Built: 1974
Total Units: 28 Units
Cap Rate: 4.5%
Days on Market: 7
Sale Date: July 2023
Exchange: Seller traded into a 65-unit property in Spokane Valley