Urban Pines Apartments
A new construction asset, boasting excellent walkability to amenities, public transportation, and immediate I-90 access. This property presents a prime opportunity for investors seeking stable, workforce-oriented real estate in a desirable market with increasing demand for quality housing.
Brand-New Construction
Delivered in 2024, Urban Pines offers investors the rare opportunity to acquire stabilized new construction in Spokane Valley at a phenomenal basis. The property has completed its first round of renewals, offering confidence in tenant retention and operational performance.
Streamlined Design & Operations
Comprised of 48 units across two buildings, Urban Pines was designed with operational efficiency in mind. The straightforward mirrored layouts and low-maintenance landscaping simplify management.
Attractive Modern Floorplans
Featuring clean and functional one and two-bedroom layouts, the property appeals to a wide range of tenants. Designed to maximize space and natural light, Urban Pines offers tenants flexible space ideal for work-from-home or small family use.
Well-Located Within Growing Spokane Valley
The property is positioned directly along Pines Road near the Appleway Trail, offering tenants seamless access to neighborhood amenities, regional employers, and recreation. Spokane Valley continues to benefit from Eastern Washington's population growth and affordability.
Offering Details
Urban Pines Apartments, built in 2023, is located at 205 S Pines Road, Spokane, WA 99216. This 48-unit property spans 1.17 acres with a total of 39,462 net rentable square feet. The unit mix includes 24 one-bedroom, one-bath units averaging 758 SF, and 24 two-bedroom, one-bath units averaging 886 SF. The asking price for Urban Pines Apartments is $10,750,000.
Access DocumentsProperty Summary
Property Name
Urban Pines Apartments
Address
205 S Pines Road
City, State, Zip
Spokane, WA 99216
Year Built
2023
Property Type
Multifamily Asset
Buildings
2 buildings
# of Units
48
Acreage
1.17 Acres
Average SF Per Unit
822
Net Rentable SF
39,462 SF
Pricing Summary
Price
$10,750,000
Price / Unit
$223,958
Price / SF
$272.41
Current CAP Rate
5.53%
Proforma CAP Rate
5.54%
The Opportunity
Prime Spokane Valley Location and Investment Opportunity
Located in the heart of Spokane Valley, 205 S Pines Rd is a well-positioned new construction asset offering substantial residential value. The surrounding area is rich with amenities, including national retailers, local restaurants, and essential services all within walking distance. Public transportation options and immediate access to I-90 enhance connectivity to greater Spokane, making it a highly accessible location. Additionally, the neighborhood continues to see positive demographic shifts, with increasing demand for quality housing.
Investors will find opportunity for operational refinement with professional third-party management and active asset management to boost cash flow. Spokane Valley remains a desirable market for stable, workforce-oriented real estate assets, and 205 S Pines Rd offers the type of wealth that aligns with investor strategies focused on diversification and long-term resilience.
The Location
Central Spokane Valley location near schools, shopping, and employers
429.897.587.985Photographs
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Market Overview
Spokane Valley, WA
Spokane Valley is a suburb located in Eastern Washington and west of Coeur d'Alene, Idaho. With a population of 110,291 and a labor force of 51,614, Spokane Valley is the 8th largest city in Washington state as of 2023. Major employers are abundant at the multiple business and industrial parks including the Spokane Business & Industrial Park which features top employers such as Kaiser Aluminum and Pyrotek.
From early days of agricultural production to now hosting several major manufacturers and distributors in a variety of industries, the city is a significant part of the growing Spokane metro. The Valley offers access to skilled labor, a major interstate and two Class 1 railroads, an average 20-minute commute time, low taxes, streamlined permitting, and other growth incentives that create a quality of life that makes businesses and employees want to stay.
Reasons To Invest Here
- 2.6%
Average rent growth
(Q1 2025)
- 93.8%
Average occupancy
(Q1 2025)
- 1.4%
Population growth
(Q1 2025)
- $70.7K
Median HH income
(Q1 2025)
- 4.6%
Unemployment rate
(Q1 2025)
- 111.4K
Population
(Q1 2025)
- $1,414
Average market rent
(Q1 2025)
- 2.4%
Home price growth
(Q1 2025)
Sources: CoStar, Apartments.com, HomeTownLocator, County Sites, Redfin
Our Team
Multifamily Mason
Multifamily Mason is a brokerage firm specializing in multifamily property sales and advisory services within the Inland Northwest. We uphold the core values of integrity, mastery, and ownership. These principles guide all our business decisions and interactions with our clients, investors, and stakeholders.
Our extensive market knowledge, in-depth data analysis, valuable insights, and strong industry relationships have established us as trusted advisors and a go-to source for those exploring the Inland Northwest markets or investing in multifamily properties within tertiary markets.
We foster long-term relationships and prioritize our clients' best interests, even if it means delaying immediate deals. We believe in collaboration and creating opportunities for mutual success, including working with potential competitors.
Lead Broker
Mason Fiascone
Mason is the founder of Multifamily Mason and specializes in the sale and advisory services of multifamily properties across the Inland Northwest with a specific focus on Central Washington and Tri-Cities. Mason leads the sales and asset management organizations at Multifamily Mason, meaning he partners with owners, investors, and developers seeking to maximize their property returns, bringing valuable expertise to every interaction. He is committed to building long-term relationships by providing clients with market insights and unique deal opportunities.
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