Senior housing in Spokane to receive $5 million in improvements after purchase
Nearly $5 million worth of improvements is coming to low-income senior housing following the recent purchase of apartment complexes providing such housing.
California-based Preservation Partners recently purchased St. Andrews Court and Coventry Court apartments after the Washington State Housing Finance Commission authorized more than $12 million in tax-exempt revenue bonds dedicated to the purchase and improvements.
St. Andrews Court is a three-building, 81-unit complex near the intersection of Indiana Avenue and Post Street. The building at 808 W. Nora Ave. will receive $1 million in improvements; the building at 811 W. Indiana Ave. will get $800,000; and the structure at 1815 N. Post St. will receive $1 million.
Another building recently purchased by the California group is in Browne’s Addition. Coventry Court, 1600 W. Pacific. St., has 87 units and will see $2.1 million in improvements.
Both complexes are primarily low-income housing for seniors and are Section 8 housing, meaning part of tenant rent is paid for through a government voucher program.
The buildings were purchased by Spokane 2 Preservation, an affiliate of Torrance, California-based Preservation Partners Management Group, which specializes in low-income housing for seniors.
The company this year received $35 million in tax-exempt bond financing from the state housing commission for the complete renovation of Trailside Village Apartments in Everett, which is Section 8 housing with 250 units.
Before the purchase, Kiemle & Hagood managed the properties. Shannon Meagher, director of development and special projects for Kiemle & Hagood, said they will no longer manage the complex.
According to documents filed with the city of Spokane, the improvement work will replace windows, cabinets, counter tops, lighting, plumbing and mechanical items.
The project’s general contractor is Square Top Construction, based in La Mesa, California. SMR Architects, of Seattle, designed the project. Structural engineering is being done by Spokane-based Coffman Engineers.