2405 E Upriver Dr
Spokane, WA 99207
Brookstone Apartments · Multifamily Property For Sale · 82 Units

BROOKSTONE & BROOKSIDE APARTMENTS IS A SCATTED SITE AFFORDABLE HOUSING COMMUNITY WITH A COMBINES 82- UNITS, LOCATED IN SPOKANE,WA BEING SOLD TOGETHER. The properties are conveniently located on the city bus line and within minutes from major shopping areas, dining, and I-90 that allows for easy connectivity. Residents enjoy amenities that include an on-site laundry facility, on-site management, 24-hour maintenance, a community room, and a playground. Unit amenities include a patio/balcony, central air & heat, energy efficient appliances, full size washer & dryers, and self-cleaning ovens. Brookstone is comprised of 64 units, built in 1972, and rehabbed and placed in service in 2002 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 36 units to be rented to income qualifying residents earning no more than 50% of the Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. The property is beyond its initial tax credit compliance period. Additionally, the property is a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of October 1, 2009 and provides assistance for 27 units. Within the contract, Section 2(a) states that the contract runs for an effective term of 20 years. The remaining unit is unrestricted and reserved for staff.