COEUR d’ALENE — Real estate investment company Fourth Avenue Capital has purchased the 10-story Lake Tower at 100 Coeur d’Alene Ave., according to a press release via PR Newswire.
The purchase price has not yet been disclosed.
“This acquisition comes as Coeur d’Alene continues to experience accelerated population and economic growth,” the press release said. “The city’s population has surged 23% over the last decade — more than three times the national average — driven by scenic beauty, strong schools, and a pro-business environment.”
FAC plans to elevate Lake Tower through targeted capital improvements, including modernized interiors.
“Renovations will reflect the high standards of its premier location and further position the property as the top-tier rental option in the market,” the press release said.
The Seattle and Spokane-based company now has 24 “middle market multifamily assets” in its portfolio, including two others in the Inland Northwest, totaling more than $350 million.
Lake Tower is one of only three apartment projects of scale (25 units or more) in downtown Coeur d’Alene. It is also the only rental high rise.
“Lake Tower is a generational opportunity, an irreplaceable asset in the heart of one of the most desirable small cities in the country,” said Davis Vaughn, managing partner at FAC. “With thoughtful upgrades, we will deliver a rental experience that meets the standard set by its iconic location.”
