Investment Offering
Altura Apartments Spokane
A Well-Located Multi-Family Asset with Multiple Paths to Value
Altura Apartments is an 84-unit multifamily community located in Spokane’s Riverside neighborhood, one of the city’s most walkable urban districts. Positioned minutes from Downtown Spokane, Gonzaga University, major healthcare employers, restaurants, and entertainment, the property benefits from multiple demand drivers rather than relying on a single employer or industry.
The property was selected because it combines strong existing cash flow with meaningful opportunities to increase value through targeted renovations and operational improvements. Large floor plans, excellent views, private balconies, air conditioning, and an irreplaceable concrete high-rise structure create a competitive position within Spokane’s rental market while providing a foundation for long-term appreciation.
Rather than pursuing speculative redevelopment, Tamarack’s strategy centers on disciplined capital improvements that improve the resident experience while increasing the property’s income-producing potential.
Investment Highlights
- 84-unit apartment community
- Located between Downtown Spokane and Gonzaga University
- Strong existing occupancy and stable operations
- Large floorplans averaging approximately 784 square feet
- Concrete high-rise construction
- Significant renovation upside
- Multiple employment drivers supporting long-term demand
- Walking distance to restaurants, shopping, parks and downtown amenities
- Private balconies and panoramic city views
- Attractive basis relative to comparable Spokane apartment sales
DOWNLOADS
Funding Deadline
Gross Equity Multiple
Hold Period
Target IRR
Investment Minimum
INVESTMENT TYPE
Single-Asset Investment
LLC ASSET CLASS
Mid-Rise Multi-Family Apartment
INVESTMENT STRATEGY
Value-Add w/ Rent Upside
TOTAL EQUITY RAISE
$4,250,000
TARGET HOLD PERIOD
Sale in 5 Years
ACQUISITION FEE
2%
ASSET MGMT
2% Revenue
Business Plan
A Disciplined Value-Add Strategy
Our investment strategy focuses on creating value through thoughtful improvements rather than excessive renovation.
Planned improvements include:
- Modernized apartment interiors
- Updated kitchens and cabinetry
- Improved lighting throughout common areas
- Refreshed hallways and lobby spaces
- Exterior branding and enhanced curb appeal
- Resident amenity upgrades
- Operational efficiencies designed to improve long-term ownership performance
Each improvement is evaluated based on expected return on investment, ensuring capital is deployed where it creates the greatest value for both residents and investors.
Spokane, Washington
One of the Pacific Northwest’s Strongest Rental Markets
Spokane continues to benefit from population growth, employment expansion, healthcare investment, higher education, and relative housing affordability compared to larger West Coast markets.
Altura’s location places residents within minutes of:
- Gonzaga University
- Downtown Spokane
- Providence Sacred Heart Medical Center
- MultiCare Health System
- Riverfront Park
- Restaurants, retail and entertainment
- Major employers throughout Downtown Spokane
These demand drivers create a broad tenant base that includes healthcare professionals, university staff, students, young professionals, and downtown employees.
the Spokane market
Spokane: A Market Positioned for Long-Term Growth
Spokane serves as the economic hub of the Inland Northwest, supporting Eastern Washington, North Idaho, Western Montana, and northeastern Oregon. Its diversified economy—anchored by healthcare, higher education, advanced manufacturing, logistics, and professional services—has remained resilient while offering a lower cost of living than major West Coast markets.
Population growth continues to be fueled by net in-migration as residents relocate from higher-cost metropolitan areas. Washington added more than 61,000 residents last year, with nearly three-quarters of that growth driven by migration, and Spokane remains one of the state’s primary destinations due to its affordability, employment base, and quality of life.
Long-term planning reflects continued expansion. The City of Spokane projects more than 23,000 additional residents and approximately 22,400 new housing units by 2046, supporting ongoing investment in housing and infrastructure.
At the same time, years of underbuilding and rising construction costs have constrained housing supply, particularly for workforce renters. Well-located multifamily communities continue to benefit from strong occupancy and favorable long-term fundamentals.
Altura Apartments is positioned to capitalize on these trends. Located between Downtown Spokane and Gonzaga University, the property provides convenient access to the region’s largest employment, healthcare, education, and government centers, creating a durable foundation for long-term cash flow and value creation.
RENTAL MARKET
- Vacancy Rate 7.30%
- Vacant Units 1,090
- Market Asking Rent/Unit $1,413
- Studio Asking Rent $1,301
- 1 Bedroom Asking Rent $1,274
- 2 Bedroom Asking Rent $1,441
- 3 Bedroom Asking Rent $1,844
- 12 Mo Effective Rent Growth 4.0%
SALES
- Market Cap Rate 6.90%
- 12 Mo Sales Volume $137M
- 12 Mo Transactions 36
- 12 Mo Price/Unit $125k
DEMAND
- 12 Mo Absorption Units 1,606
- 12 Mo Absorption % of Inv 3.80%
- Median Household Income 78,583
- Population Growth 5 Yrs 2.50%
- Population Growth 5 Yrs 2027-32 2.10%
INVENTORY
- Inventory Units 22,679
- 12 Mo Delivered Units 840
- 12 Mo MF Delivery Pipeline 823
*Data sourced from CoStar, Yardi, Census Data, and Local Government Forecasts
*Population Growth from Washington State O ce of Financial Management