Two years ago, Alvin J. Fritz Wolff Jr.s four sons came to him, requesting a family meeting to discuss a departure from Spokane.
It was a weighty topic to broach for the four sons, whose grandfather and father had built the family business, Wolff Cos., into what now is one of the Inland Northwests most prolific apartment-complex development and management companies, with a real estate portfolio valued in the $500 million range and 300 employees in Spokane.
Jesse Wolff, one of the sons, says two of his brothers wanted to live in a larger city than Spokane, and their parents wanted to live somewhere warmer.
If we all wanted to work together, it was going to be a warm, bigger town, Wolff says. It was more about us wanting to be together and less about leaving Spokane.
The parents and their sons, who are in their 20s and 30s, came to the same conclusion: the family would move, but Wolff Cos. would stay in Spokane.
With the blessing of patriarch Alvin J. Wolff Sr., who still lives in Spokane, the Wolffs settled into new lives in Scottsdale, Ariz. There, they started a new property-acquisitions company and have shown no signs of breaking stride.
Between the Spokane operations, the Arizona company, and several partnerships, the Wolffs have been involved in acquiring or starting development of $208 million in real estate during a 12-month period ended last month.
The transition has been seamless, says Fritz Wolff, president of Wolff Cos. Wolff was speaking via phone from Scottsdalehe has homes in Spokane and Scottsdale and splits his time between the two cities.
Most recently, a partnership in which the Wolffs are involved acquired for $54 million a 216-unit oceanfront apartment complex in the Los Angeles area, called the Villas at Rancho Palos Verdes. Wolff says the high-profile property, which was developed in 1974 and recently underwent an $8 million renovation, is next to an oceanfront golf course that real estate magnate Donald Trump has acquired and is in the process of rehabilitating.
The partnership that bought the oceanfront complex includes several Spokane investors, including Bobby Brett, who is managing partner for the Spokane Indians, and Spokane Chiefs.
In other recent activity, the Wolff familys Spokane-based development company has started work on an $18 million, 212-unit apartment complex in Kennewick, Wash, called the Orchard in Hansen Park.
Work on that project started last month and will be completed in stages throughout next year.
Inland Construction Co., of Spokane, is the general contractor on the project.
Earlier this year, Oakwood Club LLC, a company here in which the Wolff family is involved, bought for $5 million the 140-unit Oakwood Club apartment complex in the Spokane Valley and is spending $1 million to remodel it, Wolff says.
Other deals in which the Wolffs are involved include acquisitions of apartment complexes in suburban Sacramento, Calif., multifamily properties in the San Diego area, and development of an $18 million condominium building in downtown San Francisco.
With apartments in Las Vegas and Boise also in their portfolios, the Wolffs currently have ownership interest in about 5,100 living units. Of those, 2,100 units are in Spokane.
In addition to the multifamily properties, the Wolffs have some commercial holdings, including an office building in the Spokane Valley. Jesse Wolff says about 5 percent of the companys holdings are commercial properties.
Just three years ago, most of the Wolffs holdings were in Spokane. In 2000, however, the company adopted an aggressive philosophy that involved adding 1,000 living units a year to its property portfolio, including investing in out-of-town properties as well as Spokane properties.
While the family works out of Scottsdale and many of its acquisitions take place far from the Inland Northwest, Fritz Wolff says the Spokane-based companies still are the heart of the family business.
The real work still is done out of the Spokane offices, Wolff says.
In addition to the familys development and property-management companies, it also still operates here a company that rents out on a short-term basis furnished apartments as an alternative to hotels. It also owns Aslin-Finch Feed Co., a Spokane animal-feed manufacturer and retailer that currently is the Wolffs only company not related to real estate.
In addition to maintaining the businesses in Spokane, the Wolffs have preserved many of their business relationships here. For instance, Wolff says, Wolff Cos. still banks with Spokane-based Washington Trust Bank and still uses the Spokane law firm of Lukins & Annis PS for all of its legal work.
Wolff says the family enterprise doesnt plan to move any of the Spokane-based companies elsewhere.
We have too many great employees who want to stay in Spokane, Wolff says. Besides, he says, We couldnt run it any more efficiently from down here.
The third generation of Wolffs are, from oldest to youngest, Tim, Peter, Jesse, and Fritz, all of whom are on the Wolff Cos. board of directors.
Before the move to Arizona, Tim and Peter lived in SeattleTim wasnt involved in Wolff Cos.s day-to-day operations, and Peter operated Wolff Planning Group, which designs the companys projects.
Jesse and Fritz lived in Spokane. Jesse oversaw the companys nonrental-related revenue streams, and Fritz headed up much of Alvin J. Wolff Inc.s acquisition activity.
Jesse says Tim and Peter frequently would fly to Spokane from Seattle for meetings and other business.
Now, all four of the brothers concentrate their efforts on the new venture in Arizona.
Jesse Wolff says he and his brothers still spend some time in the Spokane offices each m