Breaking Into Multifamily
Our First Apartment Complex Goes Under Contract Before Hitting the Market
2609 N. Pines Rd. Spokane Valley, WA
Stoneridge Apartments
SFT Leased: 36,460 Rentable SFT | 45 Units Land Size: 4.58 Acres
At Daines Capital Commercial Real Estate, we’ve built much of our experience around industrial and office properties throughout the Inland Northwest. But every once in a while, an opportunity comes along that pushes us into completely new territory. This success story started with exactly that kind of opportunity: a client referral, five multifamily apartment complexes, and a side of commercial real estate we had never tackled before.
And before we could even officially bring the first property to market, we had it under contract.
It all began when one of our clients referred a property owner to Daines Capital. The owner was considering selling a portfolio of five multifamily apartment complexes and was looking for a brokerage team to help navigate the process. There was just one catch: multifamily wasn't our usual wheelhouse. Our team primarily specializes in industrial and office commercial real estate, and we had never represented the sale of an apartment complex before. Rather than immediately saying yes—or turning down the opportunity simply because it was unfamiliar—we took the time to determine whether this was something we could confidently take on. That meant research. A lot of it.
We spent time learning the multifamily market, studying how apartment investments are evaluated and marketed, familiarizing ourselves with the nuances of these transactions, and preparing ourselves for an entirely new sector of the commercial real estate industry. Ultimately, we decided we were ready for the challenge. With five apartment complexes potentially coming to market, we didn't want to overwhelm our client or rush the process.
Together, we developed a strategy to bring the properties to market one at a time, allowing us to give each complex the attention it deserved while respecting our client's wishes and overall goals for the portfolio. We began preparing the first apartment complex for market—and that's when things got interesting. Word started traveling through the commercial real estate community that Daines Capital was working with an owner interested in selling multiple apartment properties.
Almost immediately, the calls and inquiries started coming in.
We heard from buyers interested in the first property, buyers asking about the remaining complexes, and even groups interested in potentially purchasing the entire portfolio. While the amount of interest was an exciting surprise, our priority remained the same: follow our client's direction. For now, that means offering the properties one at a time. As we prepared to launch the first complex, our team began conducting targeted outreach to prospective buyers who we believed could be a good fit for the opportunity. We didn't have to wait long for a response.
Through that outreach and the interest already surrounding the portfolio, we were able to connect with a buyer and successfully get the first apartment complex UNDER CONTRACT before it ever officially hit the market. For our first multifamily listing, we couldn't have asked for a more exciting start. The early success of this assignment has been exciting, but one of the most valuable parts of the experience has been everything we've learned along the way.
Commercial real estate encompasses an enormous range of property types, and multifamily has introduced our team to an entirely different side of the industry. From researching the market and understanding multifamily investment metrics to working with a new pool of buyers, every step has given us an opportunity to expand our knowledge and capabilities. And we're only getting started.
The first apartment complex is currently under contract, which means there are still important steps ahead before we can officially call this transaction closed. In the meantime, we're already looking forward to working with our client on the next apartment complex and seeing where this new opportunity takes us. With one property already under contract, there are still additional multifamily opportunities ahead.
We're respecting our client's wishes by approaching the portfolio one property at a time, but if you're an investor interested in multifamily opportunities and would like to learn more about what may be coming next, we highly encourage you to reach out to our team. We'd be happy to have a conversation about the available details and keep you informed as additional opportunities become available.
This entire experience began with something simple: a referral from a client who trusted Daines Capital enough to recommend us. That referral opened the door to a completely new sector of commercial real estate, a new relationship, and potentially five transactions. Now, our first multifamily property is under contract before ever reaching the market—and we're excited to see what comes next.
Here's to learning something new, taking on new challenges, and continuing to create successful outcomes for our clients.