Timberlane Partners Buys 132-Unit Multifamily Community in Seattle for $45.2MM

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An apartment complex in Seattle’s Ballard neighborhood traded hands recently at a loss for the seller. The Wilcox was purchased by an entity affiliated with Timberlane Partners for $45.2 million, or approximately $342,045 per unit, according to King County public records. The seller was an entity affiliated with J.P. Morgan. 

Located at 2003 NW 57th St., the six-story complex was built in 2017 and contains 132 units that comprise studios, one-, two and three-bedroom apartments. According to the property’s website, interior amenities include wood plank-style flooring, quartz countertops, walk-in closets and stainless steel appliances. The multifamily asset also features a rooftop deck, 24-hour fitness studio, resident lounge and barbecue areas.

The property previously sold in 2018 for $60.25 million, or approximately $456,439 per unit, according to previous reporting from The Registry. The buyer was Ballard Multifamily Acquisition LLC, an entity affiliated with Oscar Wong and Stephanie Douty of New York-based J.P. Morgan’s asset management division. J.P. Morgan acquired the property from Dallas-based Mill Creek Residential, a national developer of multifamily properties.

Founded in 2011, Timberlane Partners is a Seattle-based real estate investment, development and asset management company with a focus on multifamily real estate, according to the company’s website. Timberlane has acquired and built more than $1 billion worth of assets in key markets along the west coast and mountain regions of the United States. 

The firm has been active for years throughout the state of Washington. Earlier this year, Timberlane purchased Little Tuscany apartments in Olympia from Fern Street Partners LLC dba Commercial Property Services Inc. The purchase price was $37 million, or about $259,000 per unit. Situated in Olympia’s South Westside neighborhood, the three-story multifamily building occupies a 5.8-acre plot at 1000 Fern St. SW. The property has a total of 143 units, including studios, one-, two- and three-bedroom apartments as well as townhome-style units.