


Farr Court Apartments, Aspen Apartments, and Revere Ridge Apartments
210 S. Farr Rd., Spokane Valley, WA, 1723 N. Union Rd., Spokane Valley, WA, 15821 E. 4th Avenue, Spokane Valley, WA
337
Units
Acquisition Date:
Winter 2017
Overview
Aspen, Revere Ridge, and Farr Court Apartments are a 337 unit portfolio acquired in 2017, consisting of three similarly constructed 1996 vintage communities located within a few miles of each other in Spokane. The consistent design enabled operational efficiencies through shared staffing, maintenance, and oversight from inception. The acquisition was intentionally timed ahead of Spokane’s emergence as a nationally recognized multifamily market, allowing entry at a strong basis and positioning the portfolio to benefit from subsequent rent growth driven by job and population expansion. The properties were acquired via assumption of existing agency debt using 1031 exchanges, preserving investor capital and securing stable long term financing. Since acquisition, targeted capital improvements have been implemented across the portfolio, including infrastructure upgrades, exterior and parking improvements, amenity additions, and unit renovations through natural turnover, all completed without disrupting cash flow or affordability. The portfolio has delivered consistent and growing monthly distributions supported by disciplined asset management and hands on oversight. Today, Aspen, Revere Ridge, and Farr Court represent a stabilized, efficiently operated portfolio with durable cash flow and long term return characteristics.
Location