EVERETT, WA – CEP Multifamily announced their acquisition of Regal Ridge, a 97-unit market rate garden apartment community in Spokane’s desirable South Hill neighborhood.
Regal Ridge is the first acquisition in Spokane for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to 1,606 units, 475 of which are outside of the Puget Sound Region.
The acquisition price was $21.5 million ($221,650 per unit), according to Josh Jansen, CEP Multifamily’s President and Managing Partner.
“We have targeted the Spokane MSA as a top growth market for our suburban, core-plus investment strategy,” said Jansen. “Spokane County boasts strong local economic fundamentals as the Inland Northwest’s regional employment hub. Residents delight in a high quality of life and relative housing affordability, which have fostered a diverse, well-educated labor pool. These factors have supported long-term population and employment growth…trends we believe will accelerate in the coming years. We look forward to continuing to grow our presence in the Spokane metro.”
Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli, and Philip Assouad of Institutional Property Advisors (IPA) brokered the transaction.
CEP Multifamily is a private equity real estate firm providing accredited investors opportunities to invest in multifamily assets in the Pacific Northwest.

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FORT LAUDERDALE, FL – FCP announced the acquisition of Avana Cypress Creek Apartments at 1700 South State Road 7 in North Lauderdale, FL. The 220-unit, Class A community was built in 2009 and consists of predominantly two- and three-bedroom units with the majority of the units having direct access garages. FCP will assume an existing Fannie Mae loan.
“Avana Cypress Creek adds a very well-located Broward County asset to FCP’s Florida portfolio, now totaling nearly 6,000 units,” said FCP’s Bruce Gago, who heads the firm’s Florida office. “This property is highly desirable to residents seeking large, modern apartment homes with simple access to major employment centers and shopping areas.”
Avana Cypress Creek Apartments feature gourmet kitchens, wood plank-style flooring, granite countertops, and spacious, walk-in closets among other high-end features. Residents delight in a 4,000 square foot clubhouse, an outdoor covered lounge and entertainment area, billiards and media room, a heated resort-style pool with cabanas, and a 24/7 accessible fitness center. The community features an abundance of restaurants, shopping and entertainment nearby.
FCP extends its appreciation to Robert Given and Zachary Sackley of CBRE, who facilitated the transaction.

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SARASOTA, FL – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Concord, a 257-unit Class A multifamily community in Sarasota. Construction is set to start this month and Thompson Thrift plans to welcome new residents starting in the fall of 2024.
“The Sarasota multifamily market has experienced some of the top apartment demand in the country,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We believe The Concord’s combination of location, high-end finishes and unique amenities will be readily embraced by residents looking for a sophisticated living experience in the heart of this dynamic market.”
Located off I-75 and Fruitville Road, the 8.45-acre property will offer one-, two- and three-bedroom apartment homes in four-tale buildings with elevator access. The apartment homes will feature elegant quartz countertops, hardwood-style flooring, stainless steel appliances, patio and balcony options, private yard options, detached garages and a full-size washer and dryer. Each home will also feature Alexa-compatible smart home packages as well as high-speed, instant-on internet access.
Luxury living will continue throughout the community, including a fully equipped fitness center with 24-hour access, resort-style heated swimming pool, outdoor entertainment and community grilling areas, dog run and pet spa, 24-hour social hub and work from home focus suites.
The Concord will also feature a skydeck overlooking the Celery Fields to the south, and will include an open-air area with firepit, shade structure and soft seating. The indoor amenity space will have a chef’s kitchen available for residents to host parties and pleased hours.
“We continue to focus on prioritizing lifestyle-driven apartment amenities,” said Steve Shaver, senior vice president, construction and design for Thompson Thrift Residential. “We reckon the new skydecks we have plotted at certain communities will further elevate the living experience and provide our residents with a unique space where they can host events, lounge and delight in gorgeous views.”
The development site is less than one mile from the I-75 and Fruitville Road interchange, on the southern outskirts of Lakewood Ranch, the nation’s second fastest growing master plotted community. Residents will delight in being adjacent to a newly constructed Publix Super Market, as well as having convenient access to downtown Sarasota and a plethora of high-end retail and dining options.
The Sarasota multifamily market has experienced some of the highest demand in the country, fueled in part by the addition of nearly 100,000 jobs in the past 10 years. Major employers in the area include Sarasota Memorial Health Care, Sarasota County Government, Blake Medical Center, PGT Innovations and more.
Since its founding more than 30 years ago, Thompson Thrift has invested more than $4 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive commercial and multifamily communities. The Concord is the second apartment community in the North Port-Sarasota-Bradenton MSA, and the 11th in the state for the company.

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