Originally published: bizjournals.com
Seattle-based Timberlane Partners acquired the Copper Ridge apartment complex in Renton for $70.7 million in a deal recorded Friday.
The acquisition was made through Timberlane’s closed-end multifamily fund, Timberlane Acquisition Fund.
The 325-unit, 254,000-square-foot apartment community sits on 17 acres at 4600 Davis Ave. S. The garden-style development includes 35 buildings.
The price works out to $218,000 per unit and $278 per square foot, which is less than the average sales price per unit in the greater Seattle-area market in the third quarter 2024. According to a Kidder Mathews report, the average sales price for an apartment development in the greater Seattle area was approximately $300,000 per unit last quarter.
The seller is Copper Ridge Renton LLC, an entity affiliated with Stephen E. Schott. Schott is a Santa Clara, California-based commercial real estate developer and the son of Stephen C. Schott, who was co-owner of the Oakland Athletics during the team’s “Moneyball” era in the late 1990s and early 2000s.
Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors represented both the buyer and seller.
Copper Ridge, built in 1985, has a mix of one-, two- and three-bedroom units. Timberlane is planning renovations in the common areas and individual units.
“Copper Ridge is well aligned with our strategy of investing in well-located properties with strong value-add potential,” Dave Enslow, co-founder and principal of Timberlane, said in a news release. “Renton’s strong fundamentals and future growth prospects make this acquisition particularly compelling for our portfolio.”
Timberlane has been expanding its Puget Sound region portfolio. It opened Sumner Mill, a 162-unit apartment development in Sumner, last spring. In June, Timberlane acquired a mixed-use property partially occupied by Amazon for $115 million from Vulcan Real Estate.
Though Timberlane is heavily invested in the Seattle market, it also has a presence in Utah, California, Illinois, Texas and Colorado. It has acquired and built more than $1 billion in real estate assets through the development and acquisition of 40 properties since it was founded in 2011.