Jordan Tampien, the co-founder of 4 Degrees Real Estate, bought The Peyton Building in downtown Spokane, Washington, with the intention of converting the office building into a multifamily property.
The project has been selected as the winner of the 2024 CoStar Impact Award for sale/acquisition of the year for Spokane, as judged by a local team of real estate professionals familiar with the market.
“With our new project of converting The Peyton Building to residential apartments, we are targeting a unit type of housing people can afford. This approach accounts for the all-in living cost of a resident. In other words, we consider the housing, transportation, food, and entertainment costs a resident would incur living in Spokane,” Tampien, who bought The Peyton Building from Scott Isaak, said.
He added a key component of redeveloping The Peyton Building, a seven-floor building built in 1912, is to reposition the project next to a major transportation hub and business district, allowing residents to walk to work and travel to other local places without having to use a vehicle.
The building would also be re-designed in a way that would help residents reduce monthly heating or cooling costs, according to Tampien. Isaak, the seller, owns the real estate company 5D Holdings and the local restaurant chain Sweet Burrito.
“Downtown development is an ideal location for this resident-centric approach, offering the ultimate in affordable urban living that will differentiate these apartments from other Spokane housing options,” Tampien said.
About the Project: Jordan Tampien bought The Peyton Building from Scott Isaak for $12,248,000.
What the Judges Said: “The sale/acquisition of The Peyton Building will be incredibly impactful for downtown Spokane. Adding more downtown living to the city will do wonders in creating positive activity to the streets of Spokane," said Bryn West, vice president of River Park Square, Cowles Real Estate.
They Made it Happen: Jordan Tampien, co-founder of 4 Degrees Real Estate, bought the building with a group of investors.