Construction of Signal Point Apartment Homes, a 240-unit luxury apartment development on the mixed-used Meadowwood Technology Campus, is underway with the first five buildings on track to be completed this year, says Chris Rossman, managing partner for Spokane-based real estate investment company Fourth Avenue Capital.

Construction will begin over the next year on another 10 buildings planned on the 9.6-acre site with estimated completion in the summer of 2026, Rossman says. Preleasing of the luxury apartments will start in the coming spring. 

Rossman declines to disclose the total value of the project. According to permit information filed with the city of Liberty Lake, the total construction value is well above $40 million. 

Rossman says Zions Bank, of Salt Lake City, is the lead lender for the project, and Spokane-based RiverBank is a participating lender.

Lisa Key, city of Liberty Lake director of planning and engineering, says Spokane-based Baker Construction & Development Inc. is the contractor on the current project, and Spokane-based architectural firm Olson Projects PLLC designed it.

The development is located at 24085 E. Mission, in Liberty Lake, and will consist of 15 two-story buildings labeled A through O. The buildings will be configured in quadrants with breezeways and stairs, Key says. Each building will have 16 units with mixed floor plans. 

According to site plans, the Signal Point Apartment Homes will have 372 parking stalls, including 38 dual EV chargers, which can charge two electric vehicles simultaneously, and the infrastructure for an additional 38 dual chargers.

Plans show the development will have a swimming pool, a spa, and women's and men's locker rooms. The development also will have a clubhouse with a covered outdoor patio, a communal kitchen, a media lounge, social spaces, and private workstations. The plans also show a fitness wing overlooking the pool area and deck. Other outdoor amenities include a dog park, outdoor patios, and barbecues. 

The Signal Point Apartment Homes development is also set within 1 1/2 miles of other outdoor recreational attractions such as Liberty Lake, Rocky Hill Park, Liberty Lake Golf Course, and Meadowwood Golf Course. 

Signal Point Apartment Homes will have one-, two-, and three-bedroom apartments ranging from 730 square feet to 1,300 square feet, according to a press release from Fourth Avenue Capital. Each unit will have quartz countertops, stainless steel appliances, under-cabinet lighting, wood-style flooring, and oversized windows. Many of the units will have walk-in closets and extra storage space. 

Signal Point Apartment Homes is Fourth Avenue Capital’s first development to be constructed from the ground up.

Fourth Avenue Capital, a trade name for Fourth Avenue Management LLC was founded in 2020 by Brian Betts, head of capital markets; Davis Vaughn, head of acquisitions; and Rossman, head of development. Fourth Avenue Capital has operated as a middle-market real estate investment company with most transactions between $10 million and $50 million. Fourth Avenue Capital’s portfolio includes apartment, townhome, and student housing developments throughout Washington, Oregon, and Montana. The company has acquired over 1,000 units to date. Its existing assets under management total over $300 million.

The development is rising on the Meadowwood Technology Campus, a 70-acre property currently occupied by office buildings with 450,000 square feet of space located at the northeast corner of Mission Avenue and Molter Road. In 2022, the campus underwent a zoning change that allowed for new land uses, including increased residential and commercial operations. The new mixed-use zoning designation allows for the development of schools and training centers on-site as well as small restaurants and retail stores. The zoning change, which the city approved at the height of the pandemic, was made so that the business park could adapt better to permanent remote-work trends, growing housing needs, and demand for community amenities. 

The largest of the four buildings, a 220,000-square-foot structure with two floors and a basement has recently been transformed into Mode, a lifestyle campus community. Located at 2110 N. Molter, Mode is about a mile northwest of Signal Point Apartment Homes, or about a 20-minute walk. 

The second floor at Mode is home to a private school, Liberty Lake Academy, with students from kindergarten to 11th grade, while the first floor and basement have 120,000 square feet of commercial space. Mode leases office suites to marketing firms, architects, attorneys, tech companies, and entrepreneurs. The office suites are interlaced among open coworking spaces, several private rooms, and amenities such as a yoga studio, a café, a full-service gym, a podcast studio, and a music academy. 

Key says the Meadowwood campus still has a few vacant or underused parcels, however, no other predevelopment applications have been submitted yet.