INVESTOR UPDATE: EARLY RETURNS AT CHEVY CHASE

This quarter marks an exciting milestone for investors in Chevy Chase. We originally projected our first distribution to occur around the 12-month mark, but thanks to strong performance and disciplined management, we were able to distribute after just one full quarter.

This early win reflects our commitment to under-promise and over-deliver. From the beginning, we approached underwriting with a conservative mindset, planning for higher taxes and insurance and building in strong operational buffers.

We also funded two full years of Capex upfront to give the property everything it needed from day one. With future improvements covered and no surprises on the horizon, the asset was able to accelerate performance, leading to an early and exciting distribution for investors!

This early distribution is just the beginning. With careful planning, conservative assumptions, and proactive improvements, Chevy Chase is positioned for continued success, setting the stage for strong performance in the months ahead.

2025 IN REVIEW: What Shaped the Real Estate Market This Year

As 2025 comes to a close, the real estate landscape has continued to evolve, offering a mix of challenges, opportunities, and lessons for investors, owners, and property managers alike.

Across markets nationwide, several key trends emerged that are shaping how properties are developed, operated, and experienced.

As we look ahead to 2026, staying informed about these trends will be key for investors, owners, and property managers alike. By understanding how technology, tenant expectations, and market dynamics are evolving, industry professionals can position themselves to seize new opportunities, make strategic decisions, and navigate the year ahead with confidence.

Spokane County Multifamily: A Healthier, More Balanced Market Ahead

Spokane County’s development activity has slowed, creating a more balanced environment for apartment owners and investors. Only 879 units are currently under construction, compared to 2,053 units delivered in 2024 and 1,699 in 2023.

This year, 703 units have been delivered, with another 358 expected by year-end, easing the pace of new supply.

Spokane County Multifamily Units Delivered vs. Under Construction (2023–2025)

Vacancy rates have also improved. After peaking at over 9% in Q3 2024, the rate has declined to 7.2% and is expected to move back toward the typical 5–6% range heading into 2026.

Overall, current trends point to a stabilizing market with more favorable conditions for existing assets and investors.