OFF-MARKET ACQUISITION TO EXCHANGE-READY EXIT

PARK PLACE APARTMENTS

CLIENT GOAL
The seller, a California-based investor, originally acquired Park Place Apartments off-market through The Christensen Group in 2021 for $8,000,000. After a successful hold period and operational improvements, the owner was ready to harvest gains and redeploy capital. Their objective was to execute a timely disposition at full market value—and they returned to our team to make it happen.

CHALLENGE
While the property had strong fundamentals and consistent performance, finding the right buyer profile for a 65-unit property in Spokane Valley required careful matchmaking. Additionally, coordinating financing and structuring for a first-time ownership group with 12 individual partners, including spouses and junior investors, added multiple layers of complexity. One of the lead buyers was also completing a 1031 exchange from another Spokane asset, further tightening the timeline.

ACTION
The Christensen Group crafted a targeted outreach campaign and positioned the property as a stable, scalable asset with proven upside in a growing submarket. We worked closely with the buyer group to help them form a new LLC structure, navigate capital contributions, and secure Fannie Mae financing —despite being first-time multifamily buyers. We also facilitated the downleg sale for the exchange partner, ensuring a seamless timeline that allowed them to roll into the acquisition without disruption.

RESULT
Park Place Apartments closed on December 1, 2023 for $10,850,000, representing a 6.12% cap rate and a significant gain from the seller’s original acquisition at $8,000,000 just two years prior. The buyers—now a 12-person investment group based in Seattle—successfully entered the multifamily market with agency financing, guided every step of the way by our team. This transaction exemplifies The Christensen Group’s ability to execute full-circle client success stories, from off-market entry to top-of-market exit, while supporting the next generation of apartment investors.

PARK PLACE APARTMENTS – SPOKANE VALLEY, WA

Selling Price: $10,850,000
Year Built: Late 1960s – Early 1970s (Phased Construction)
Total Units: 65 Units
Cap Rate: 6.12% (In-Place at Sale)
Sale Date: December 1, 2023