Spokane, Wash.—Portland-based HFO Investment Real Estate recently announced the sale of a pair of multifamily communities located in South Hill, one of Spokane’s oldest residential areas. A private investor in Southern California purchased the Cedar Estates portfolio for $12.45 million, a sale price that represents a price per unit of $76,852 or more than $91 per square foot.
HFO’s Rob Marton, Greg Frick, Cody Hagerman and Tyler Johnson negotiated the sale on behalf of seller PTLA Corporation of Walnut Creek, Calif.
The two rental properties, Cedar Hollow and Cedar Willow, are located within walking distance of each other in an area experiencing significant growth.
“The Spokane market is experiencing significant population growth because of job growth in the health care and education industries,” said HFO partner Rob Marton. “Spokane is also known for its relative low cost of living, which is enticing families and individuals to