Friday, July 8, 2022

Seattle based real estate partnership acquires land in Spokane's University District for new Class-A apartment project

 A joint venture between Seattle based real estate developers Spectrum Development Solutions and opportunity zone real estate investment firm Pinnacle Partners have announced that they have closed on the acquisition of a 5.75 acre site in the heart of Spokane's University District.

The companies plan to develop the site in a new, 160 unit 4-story Class-A apartment complex that is yet to be named. Spectrum and Pinnacle plan to break ground in the Spring of 2023 with completion due in the Summer of 2024. The project will be at 811 N. Iron Bridge Way, a short walk across the Iron Bridge from the campuses, facilities, shops, restaurants and more within the main University District.

"This is a terrific opportunity for us to deliver our brand of housing to serve students, healthcare workers and young professionals" said Jhomar Small, associate principal at Spectrum Development Solutions. The project will include a mix of open one-, two- and three-bedroom apartment units, along with ample bike and vehicle parking. Various on-site amenities will include a half-size basketball court, fitness center, and club room. The project will also have easy access to the Centennial Trail and the Spokane River.

Architectual work for the project is being done by Seattle based Mithun in collaboration with local architectural firm ZBA Architecture. No general contractor is shown on the public record documents for this project as of yet.