The Spokane Indian Housing Authority has purchased Swiss Gables Apartments, a 108-unit apartment property in Kent, Wash., a suburb of Seattle. The asset includes seven buildings on five acres at 4620 S. 254th Place in Kent’s Lake Fenwick neighborhood.
The property sold for $23 million, according to The Registry. John Stephanus, head of Epic Asset Management, was listed as the previous owner. Stephanus’ company specializes in Seattle-area multifamily. Dylan Simon, Jerrid Anderson, JD Fuller, and Elijah Piper of the Simon | Anderson Multifamily Team at Kidder Mathews represented the seller and sourced the buyer.
Developed in 1969, Swiss Gables contains a mix of one-and two-bedroom apartments averaging 870 square feet. Features include washers and dryers, patios or balconies and fireplaces in top-floor units. Rents at the property average $2,032 a month this year, up from $1,698 a year in 2021, according to Yardi Matrix data.
Common-area amenities include a playground and covered parking for an extra fee. There are a total of 200 parking spaces.
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The Spokane Indian Housing Authority is a tribal government organization based in Wellpinit, Wash., on the Spokane Reservation. It serves the 2,900-member Spokane Tribe of Indians and primarily focuses on providing affordable housing and rental assistance to low-income individuals.
Strong investor interest in Seattle
Investors have spent $976 million for Seattle-market multifamily assets in 2025 through May, Yardi Matrix reports. This total that is on track to at least meet last year’s tally of $2.3 billion. The 2025 figure was also more than triple the amount of multifamily deals in the same period last year.
Apartment fundamentals are reasonably strong in Seattle. The market’s occupancy rate for stabilized multifamily properties fell 30 basis points year-over-year, to 95.1 percent in April, Yardi Matrix notes. That is nevertheless higher than the 94.4 percent national occupancy rate.
Developers added 3,312 units in 2025 through May, with another 18,193 units underway in greater Seattle, according to the same source. Fully affordable communities made up a quarter of the new supply.
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