Originally published: djc.com

The Copper Ridge apartments in Renton, at 4600 Davis Ave. S., sold last week for about $70.7million, according to King County records.

The seller was Copper Ridge Renton LLC, which acquired the property in 2014 for over $36.5 million. That LLC, based in Southern California, is associated with the family office for the founder of Citation Builders, Stephen Schott.

The buyer, via an LLC, was Timberlane Partners, which announced the purchase. Its Dave Enslow said in a statement, “Copper Ridge is well aligned with our strategy of investing in well-located properties with strong value-add potential. Renton’s strong fundamentals and future growth prospects make this acquisition particularly compelling for our portfolio.”

Institutional Property Advisors brokered both sides of the deal, with its Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino leading the effort. The transaction was worth about $217,538 per unit.

Developed on about 17 acres in the 1980s, the low-rise complex has 35 buildings with 325 units — and about the same number of parking stalls. The apartments range from one- to three-bedrooms, and average around 786 square feet.

Copper Ridge is just east of Highway 167, and a little south of Valley Medical Center.

Public records indicate that a Varde Partners-related LLC provided a $56 million loan to Timberlane, which has offices in Los Angeles and Seattle. The investment was made via its $100 million value-add acquisition fund, which closed to investors last April. Not long thereafter, Timberlane and a partner paid $115 million for Stack House in South Lake Union. That has 278 units and boutique office space.