Originally published: connectcre.com
Timberlane Partners, a leading Seattle real estate investment manager, purchased the 143-unit three-story multifamily building known as Little Tuscany from Fern Street Partners LLC dba Commercial Property Services Inc. Situated in Olympia’s South Westside neighborhood, the building occupies a 5.8-acre plot, including studios, multi-bedroom and townhome-style apartments.
The $37-million purchase represents a significant discount to comparable trades in the market. Timberlane utilized a Fannie Mae assumable loan with a 4.27% fixed rate mortgage with five years of term remaining to finance the purchase. JLL’s Jordan Louie represented both the buyer and the seller in the transaction.
The deal marks the first asset of the firm’s new Timberlane Acquisition Fund, an investment vehicle to acquire well-priced multifamily assets throughout the western United States. The company has also significantly expanded its leadership team to support this business growth, including a new firm partner, Jake Leibsohn, and two new directors of acquisition, Jon Hallgrimson and Tad Johnson.