Investment Overview

Park Place Apartments in Spokane Valley, Washington is a 65-unit, 48,690 SQ FT apartment complex built in 1977. The unit mix features 24 1-bed/1-bath, 20 2-bed/1-bath, 20 2-bed/1.5 bath townhouse, and one 3-bed/2-bath house floorplans. The current owner has invested over $1 million in exterior and interior improvements beginning in December 2021 including new paint, signage, roofs, landscaping and irrigation, interior remodels, and private fenced patios. The property has a unique design — all units (except for the townhomes) are single-level construction creating a quiet living environment compared to alternative rentals in the area. Renovated units feature quartz countertops, LVP flooring, updated cabinet package, two-inch blinds, smart locks, and six-panel doors. All units feature mini splits and dishwashers. All townhouse floorplans include washers and dryers. To date, 17 of the units have been fully remodeled and 8 have been partially updated. The property offers 51 garages and 24 storage units which currently generate an additional $5,630 in annual income. All utility costs at Park Place Apartments are billed individually to the tenants. The property began billing tenants a CAM charge to offset common area maintenance costs in April 2022.