Coeur d’Alene-based Secured Investment Corp. is voyaging into the new construction market with its first development, a 13-building, 26-unit duplex housing development in Spokane Valley.

Crews broke ground on the first phase of the project, located at 17591 E. Alki, early this month. Work on three, nearly 2,600-square-foot duplex buildings is expected to be completed by fall, says Paul Malen, chief contractor for Secured Investment affiliate Arnold Professional Holdings Inc.

Secured Investment, a private equity company, is one of two Lee Arnold-founded Coeur d’Alene companies that provide investors with capital to fix and flip properties. Cogo Capital LLC is the other and specializes in providing investors funds for nonowner-occupied investment properties, while Secured Investment specializes in real estate notes for investors, fund management, and private loan servicing.

Arnold also founded Arnold Professional Holdings, a construction company that specializes in restoring those damaged homes. 

“It’s the vision that Lee (Arnold) had for the company,” says Malen of the decision by the company to delve into new construction.

He adds, “There’s a shortage of rental properties available in Spokane.”

The goal is to start the second phase, estimated to be an additional 10 two-unit structures, before the first phase is completed, says Malen. Each duplex is expected to be roughly the same size as those in the first phase, bringing the total square footage of the development to nearly 33,300 square feet.

Malen declines to disclose an estimate of the total value of the development but says the construction value of the first three structures is roughly $1.3 million. 

Markham Homes Inc., of Deer Park, is the contractor on the first phase of the development and provided the design services.

Secured Investment purchased the roughly 5-acre property in July 2020 for $605,000, according to Spokane County Assessor’s Office records.

The site was previously home to a horse farm. A 1,440-square-foot dairy barn located on the property was demolished late last year.