Challenges
- Changing economic environment to sell a development site, as economic impact most especially felt by developers
- The typical Spokane development sites trade between local developers at under-market rates
Action
- We targeted regional and local developers with multifamily-specific development data, renders, and proforma inputs
- Direct, one-on-one outreach to local and regional developers by our team
Results
- The site closed at $22,727/buildable unit, far above market value, with seller financing in second position behind construction debt.
- Lower South Hill site in discussion with two developers for potential JV structure at $49/SF.
Sale Details
- Property Name: Valley55
- Address: 12717-25 E 4th Ave, Spokane Valley, WA
- Close Date: November 2022
- Buildable Units: 55
- Sale Price: $1,250,000
- Price per Buildable Unit: $22,727
- Price per Acre: $508,130
Testimonial
“Mason over-delivered on this deal at every turn. While generalists told us the site was worth sub-$1M, Mason clearly understood the market, the opportunity, and could paint the picture for developers. When it came time to working the deal, Mason proposed creative solutions we'd never considered that pushed this deal across the finish line in a rapidly changing market environment.”
- Dennis Raugust, Seller
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