Whispering Pines Apartments, a Class-A active adult community located in Spokane, Washington, was divested in the first quarter of 2023 in a 1031 exchange event. Built in 2016, the community has 31 units with long-term tenants and sits on two acres. According to the rent roll, in 2022, revenues were roughly $657,060.
SVN Cornerstone’s Nate Gant and Guy Byrd were brought on to represent the seller, Whispering Pines LLC. Lee & Associates’ Levi Sterley represented the buyer, Seven Lakes Development, an investor/developer. The purchase price was $10.15 million, or approximately $327,400 per unit.
