South Lake Union Apartment, Office Property Sells at Discount

Originally published: ConnectCRE

A South Lake Union apartment and office property partially leased to Amazon has sold for $115 million in an off-market deal.

Timberlane Partners, a Seattle-based real estate investment, development, and asset management company with a focus on multifamily, was the buyer, reported the Puget Sound Business Journal. The price is roughly a quarter less than the property’s assessed value of nearly $154 million, and about $35 million less than what project developer Vulcan Real Estate sold the asset, Stack House apartments and the Supply Laundry Building, for in 2015.

Timberlane is an active player in the Pacific Northwest, and the company recently closed its multifamily real estate investment fund, Timberlane Acquisition Fund (TAF), with equity commitments surpassing $100 million.