Originally published: theregistryps.com
Seattle-based Timberlane Partners announced today that its closed-end private fund, Timberlane Acquisition Fund (TAF), has acquired Queen Anne Collection, a mixed-use portfolio in Seattle’s Upper Queen Anne neighborhood. The $138,500,000 transaction includes 245 residential units and 63,551 square feet of ground-floor retail. The purchase price includes $92,400,000 allocated to the residential component ($377,000 per unit) and $46,100,000 for the retail component. [Ed. note: according to public documents reviewed by The Registry, the seller was an entity affiliated with RREEF America, an organization of Deutsche Wealth Management, DWS.]
Queen Anne Collection, located at 1920 Queen Anne Ave N., consists of four buildings developed between 2006 and 2014 and includes fifteen on-site urban retail spaces with national credit tenants occupying 57% of the gross leasable area and local businesses making up 43%. Key tenants include Trader Joe’s, Bartell Drugs, US Bank, and KeyBank.
The property is one of only two 100+ unit multi-family assets on the top of Queen Anne, a popular neighborhood within walking distance to Seattle’s greater downtown. The property includes a mix of studio, one-bedroom, and two-bedroom apartments. Unit interiors feature stainless steel appliances, granite, quartz, or tile countertops, walk-in closets, in-unit washers and dryers, pendant lighting, hardwood and luxury vinyl-plank flooring, tile backsplashes, and kitchen islands. Community amenities include resident lounge, multiple rooftop decks, courtyards with firepits and seating, a 24-hour fitness center, on-site storage, and secure access garage parking.
Timberlane has been one of the most active multifamily investors in the Pacific Northwest over the past two years, with acquisitions exceeding $460,000,000 million across nearly 1,300 units. The addition of Queen Anne Collection expands the firm’s holdings in transit-oriented, walkable and highly sought after neighborhoods in Seattle.
“We’re thrilled to add the Queen Anne Collection to our growing portfolio of multifamily assets in the Pacific Northwest,” remarked Dave Enslow, co-founder and Principal of Timberlane Partners. “This acquisition not only strengthens our presence in Seattle’s core submarkets but also demonstrates our commitment to investing in properties that offer residents an exceptional living experience in highly sought-after neighborhoods. The combination of high-quality residential units and a diverse retail offering makes this a truly compelling investment for our fund.”
About Timberlane Investors
Timberlane Partners is a Seattle-based alternative investment manager focused on multifamily real estate. Since its founding in 2011 by Dave Enslow and John Chaffetz, the firm has acquired and developed more than $1 billion in real estate across over 40 investments throughout the West Coast and Mountain West regions in Seattle, Bellevue, Utah, California, and Denver. Timberlane has offices in Seattle and Los Angeles. For more information, visit www.timberlanepartners.com.