Housing firm is purchased

A California investment group with more than $100 million in real estate holdings recently purchased a Spokane company that offers apartment-style living to business travelers.

DYI Properties LLC, based in Monterey, Calif., paid $6.4 million for Solar World Estates, said Galen Ishii, vice president of DYI. The investment group has 15 members and has been investing in apartment buildings, storage facilities and shopping centers for more than 40 years, Ishii said.

“This one was quite unusual because the properties were so well-kept,” Ishii said. “They’ve done a fantastic job.”

DYI Properties purchased Solar World Estates from Ken Kalin and Jack Grady, said Frank Burger, the Tomlinson Black North agent who represented the sellers.

Solar World Estates started in 1989 and has 93 units in Airway Heights and 32 in North Spokane, said General Manager Rick Jacks. The company caters to corporate travelers looking for apartment-style living while away on business. One-, two- and three-bedroom units are available, with rents starting at about $69 a night, with a three-night minimum stay, Jacks said. However, the pricing is set up to attract longer stays. Prices for a month start at $1,185, he said.

In 2002, Solar World Estates invested almost $1 million in an upgrade of all the suites, according to the company’s Web site. The units offer fully equipped kitchenettes, laundry services, and high-speed Internet service, Jacks said. The company has nine employees spread out over two locations, Jacks said.

“We really are at our pinnacle,” Jacks said. “Business is absolutely booming.”

DYI Properties does not plan to make big changes, aside from small internal renovations, Ishii said. He said any changes are likely to focus on “little attentions to detail” that enhance the customer experience.

“Our family is from Hawaii, and we try to have the ‘aloha’ spirit,” Ishii said. “It’s good to have a good return on an investment, but it’s better to make sure people are taken care of.”

Most of DYI Properties’ real estate holdings are in California. Ishii said his family discovered Spokane through friends who live here. DYI Properties is interested in purchasing other investment properties in the Spokane-Coeur d’Alene market, he said.

The sale was handled by Burger and Ron Sterling of Coldwell Banker Grand.