Brinkman Real Estate celebrated two Spokane acquisitions this week. The Flats on Liberty and The Flats on Foothills are brand new, class A apartments comprising 120 total units between the two communities. This marks Brinkman’s first multifamily acquisition in Washington, and 13^th and 14^th acquisitions in their growing mountain states portfolio.

Brinkman Real Estate’s capital markets team, in partnership with Jason Bond, Managing Director of Berkadia, led the financing execution for this portfolio. The team secured an attractive lending option through Coastal Community Bank, allowing Brinkman to execute its nimble business plan. The seller, 4Degrees, was represented by Aaron Locke and Isaac Chamberlin of The Foundation Group.

The company has been expanding into high-growth secondary markets for the last two years with increasing velocity. Their acquisitions strategy follows migration trends into markets experiencing high population and job growth, as well as outsized quality-of-life scores. With remote work becoming a mainstay in recent years, these markets are becoming increasingly desirable for new residents and a reliably strong investment option, despite current economic challenges.

“Spokane has seen some of the most significant population growth in the nation,” reported Partner and Chief Acquisitions Officer Brett Silverstein. “We’ve had our eye on this market for some time and are excited to be hitting the ground running with not one, but two new assets.”

With this population growth has come an overpriced housing market that, while cooling in recent months, is still pricing out many potential homebuyers. That coupled with extremely limited supply driving occupancy levels above 97%, creates a need for quality rental housing that’s stronger than ever.

“Spokane’s growth is in line with migration trends we’re seeing across the Intermountain West region,” said Brinkman Real Estate’s CEO, Kevin Brinkman. “There’s been an exodus from crowded urban communities to ones that are relatively more affordable, spacious, and picturesque.”

The two communities in this portfolio acquisition are only three miles apart, both within close proximity to downtown Spokane, five ski resorts, and an abundance of nearby outdoor recreation. Construction of The Flats on Liberty and The Flats on Foothills was completed in 2022 and 2023, respectively, offering ideal timing for Brinkman to engage early and apply their proven new construction lease-up strategy prior to closing.

Brinkman’s business plan for the assets involves tenant-centric improvements including a more active property management platform for residents’ convenience and minor interior upgrades such as smart home packages and enhanced lighting.