REBusinessOnline

Glencrest Group Purchases Salish Flats Multifamily Property in Airway Heights, Washington for $45M

Salish-Flats-Airway-Heights-WA

Salish Flats in Airway Heights, Wash., features 216 apartments, a swimming pool, fitness center and clubhouse.

AIRWAY HEIGHTS, WASH. — Glencreast Group has acquired Salish Flats, an apartment community in Airway Heights, approximately seven miles from downtown Spokane. TWG Development sold the asset for $45 million.

Built in 2020, Salish Flats consists of six residential buildings offering a total of 216 garden-style apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, basketball court, sand volleyball court, resort-style swimming pool and sundeck, barbecue and grilling area, resident lounge and media room.

Salish Flats is on a long-term ground lease with the Kalsipel Tribe of Indians. This ownership structure facilitated the first Freddie Mac loan on Native American land.

Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team provided debt and advisory services and secured a $31 million, 10-year, interest-only, fixed-rate loan for the buyer.

Josh McDonald, Phil Oester and Joe Nydahl of CBRE represented the seller and buyer in the deal.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties