The Wolff Co. has sold two of its big multifamily properties, including the Big Trout Lodge apartment complex in Liberty Lake, and a third sale is pending, says Kennedy Wilson, a Beverly Hills, Calif., real estate investment firm involved in the transaction.
The transactions, which also include the 159-unit Village at Town Center, in El Cerrito, Calif., and the pending acquisition of 372 apartment units in a Seattle suburb, have a combined purchase price of $167 million, Kennedy Wilson says in a press release.
Wolff   Co. is a Scottsdale, Ariz.-based real estate development group of companies with Spokane roots. Joe Organick, Wolff Co.’s director of development here, says the sales don’t mark a change in direction for the company’s development and management strategy regarding its multifamily properties.
“It was an opportunity that we took,” Organick says of the sales.
Kennedy Wilson has real estate investments throughout the U.S. and in the United Kingdom, Ireland, and Japan. Its global multifamily portfolio totals 17,355 living units.
“We are very pleased about the opportunity to purchase these three very attractive assets,” Kurt Zech, president of Kennedy Wilson’ multifamily management group, says in the release. “These properties are all located in submarkets with excellent occupancy rates and limited supply.”
Wolf Co. developed Big Trout Lodge in 1998 and 1999 on the north side of east Country Vista Drive, across from the Trailhead at Liberty Lake golf course. The Big Trout complex has 297 living units with an average of 945 square feet of living space per unit.
Amenities there include a swimming pool, a clubhouse, a 24-hour fitness room, a barbecue and picnic area, and a community garden.
Alvin J. Wolff founded Wolff Co. here in 1948. The company had ownership interests in more than 2,000 apartment units in various stages of development here when it moved most of its corporate operations to Scottsdale, Ariz., 14 years ago.
Wolff Co. recently developed the $24.5 million, 216-unit River House apartment complex at 16621 E. Indiana Parkway, in Spokane Valley, and the $25.7 million, 256-unit Pine Valley Ranch apartment complex at 3711 S. State Route 27, just south of Spokane Valley.
The Big Trout Lodge sale marks the second big real estate sale here by Wolff Co. in as many years.
The company last year sold its 50-acre Central Business Park, in Spokane Valley, to Seattle-based real estate investment company Leavitt Capital Cos., and said then that the company is turning its primary focus to developing and managing multifamily properties, rather than commercial properties.