Apartment owners, buyers, and sellers should be aware of ongoing development projects in order to prepare for potential increases in vacancy rates, especially if these projects are near their properties. Currently, there are only 955 apartment units under construction in Spokane County, compared to 2,262 units at the same time last year. This decline suggests that vacancy rates are likely to normalize over time. Below is a list of the five largest multifamily projects currently under construction in Spokane County.
Property: Signal Point Apartment Homes
Address: 24085 E Mission Ave, Liberty Lake, WA 99019
Submarket: Meadowood
Developer: Fourth Avenue Capital
Units: 240
Expected Completion Date: June 2025
Property: Koz on West 4th Avenue
Address: 308 W 5th Ave, Spokane, WA 99204
Submarket: Cliff Cannon
Developer: Koz Development
Units: 210
Expected Completion Date: July 2026
Property: The James (Motel Conversion)
Address: 1503 S Rustle St, Spokane, WA 99224
Submarket: West Spokane
Developer: Fortify Holdings
Units: 140
Expected Completion Date: March 2025
Property: Peyton Building (Office Conversion)
Address: 10 N Post St, Spokane, WA 99201
Submarket: City Center Spokane
Developer: Jordan Tampien
Units: 96
Expected Completion Date: January 2026
Property: Lofts at Garden District
Address: 2386 E 30th Ave, Spokane, WA 99223
Submarket: Lincoln Heights
Developer: Greenstone
Units: 79
Expected Completion Date: April 2025
I also have several off-market, newly constructed apartments available for sale. If you’re interested in learning more, feel free to reach out, and we can discuss how I can be of assistance to you!
Jordan Lester, CCIM, MBA specializes in advising clients with the acquisition and disposition of multifamily investment properties. With a primary focus in Spokane County and an expert understanding of the latest market trends, Jordan is committed to maximizing his client’s financial goals to achieve their real estate objectives. To get in touch with Jordan, email jordan.lester@svn.com or call 509.496.6922