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