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January 19, 2017
PTLA Corp. of Walnut Creek, California, sold the 104-unit Cedar Hollow and 58-unit Cedar Willow apartments in Spokane for $12.45 million, according to a press release from HFO Investment Real Estate.
HFO said the buyer is Spokane Cedar Estates LLC, a private investor from Southern California.
HFO partners Rob Marton, Greg Frick, Cody Hagerman and Tyler Johnson represented PTLA in the portfolio sale.
The firm said the per unit sale price is $76,852, or more than $91 per square foot.
Cedar Hollow is at 5808 S. Regal St., and Cedar Willow is at 2820 E. 53rd Ave. They were completed in 1988 and 1990, and have courtyard construction centered around greenspace and a pool.
The properties are within three blocks of each other in the city's South Hill area, which HFO said is seeing significant growth.
Rents have risen at Cedar Hollow and Cedar Willow, and HFO said their proximity allows the new owner to reduce management costs.
“The Spokane market is experiencing significant population growth because of job growth in the health care and education industries,” said Rob Marton, a partner with the firm. “Spokane is also known for its relative low cost of living, which is enticing families and individuals to relocate to the area.”