Originally Published: djc.com

SEATTLE — Timberlane Partners launched a new value-add acquisition fund last year, but never announced the goal — even as some of the money was being spent up and down the West Coast on older multifamily properties. Earlier this month, the investor/developer said the fund had closed with $100 million in contributions.

Timberlane says that most of the money has come from ultra-high-net-worth investors, family offices and funds managed by registered investment advisors. Timberlane’s John Chaffetz said in a statement, “Timberlane’s track record of success and transparency instilled confidence in both our existing and new investors to participate in our first institutional scale fund.”

Recent deals have included the 166-unit Koi in Ballard, acquired for about $55 million; and the 132-unit Wilcox, also in Ballard, which was obtained for over $45 million.

Timberlane has averaged over a 25% net IRR across sold assets since its founding.