CEP Multifamily Acquires 97-unit Regal Ridge Apartments in Spokane, WA
EVERETT, Wash., July 7, 2023 /PRNewswire/ -- CEP Multifamily announced their July 7, 2023, 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."
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