North Spokane apartment complex sells for $22.5 million

A 178-unit apartment complex in North Spokane closed at $22.5 million, demonstrating rising interest from external buyers in Spokane’s rental housing sector. The 6.5-acre garden-style development, GoGo Heights Apartments, features ten buildings with a combination of two- and three-bedroom homes spanning 193,000 square feet. Situated at 7024 N. Colton in the Shiloh Hills area, the complex lies roughly a mile north of NorthTown Mall and adjacent to major facilities including Trader Joe’s, Providence Holy Family Hospital, Spokane Urgent Care North, Golden Corral Buffet & Grill, and Texas Roadhouse, which added to the value for investors.

Finalized in August, the transaction was handled by Joe Kinkopf, senior vice president of Northmarq Capital LLC’s Seattle Investment Sales division. The purchaser, C702 LLC from Seattle, acquired the property from LC GoGo Heights LLC, a Portland-based entity. The sale completed within 90 days, a timeline Kinkopf credited to the property’s excellent condition—no significant electrical, plumbing, or roofing work was required.

This activity occurs amid broader changes in Spokane’s apartment market. Following a surge in 2022 and 2023, when high transaction volumes pushed prices upward, conditions have since moderated. Rising vacancy rates and rent declines have prompted more owners to divest, creating advantages for purchasers. Kinkopf observed that Spokane now offers stronger unit value compared to neighboring regions like Post Falls and the Tri-Cities.

Investors increasingly regard Spokane as a compelling market. “Since then, the market has softened, and more owners are considering selling their properties due to occupancy challenges and rent pressure. Currently, buyers are getting better deals per unit in Spokane,” Kinkopf said. The property’s location, transit access, and absence of costly repairs made it particularly attractive. He also noted that buyers are securing better terms in Spokane than in other Eastern Washington areas, where pricing remains high.

Historically, Spokane’s multifamily sector attracted mostly local investors. The sale of GoGo Heights highlights a growing pattern: out-of-state capital is flowing into the market, lured by perceived stability and cost efficiency. The rapid sale reflects optimism about Spokane’s future, even as broader housing trends fluctuate. The transaction confirms what investors now recognize: opportunities exist where others once viewed caution.

For Kinkopf, the deal serves as evidence of Spokane’s evolving role in the regional real estate environment. “Institutions are looking at Spokane,” he said. “It’s relatively new on the board for a lot of national investors, but we are seeing increasing interest in the area.”