Originally published: multihousingnews.com
A joint venture between Timberlane Partners and PCCP has paid $173 million for Jackson Apartments, a 532-unit Seattle community within the city’s Central District. Vulcan Real Estate sold the asset.
The buyers closed the transaction through Timberlane Acquisition Fund II, a closed-end private acquisition fund. The asset came online in 2020, with the developer utilizing a $132 million construction loan originated by Umpqua Bank, Yardi Matrix data shows.
Besides the residential component, the deal also included the 47,374-square-foot ground-floor retail, anchored by Amazon Fresh. Of the total price, $18 million were allocated to retail and $155 million to apartments.
The property is at 2401 S. Jackson St., close to interstates 5 and 90, as well as within walking distance of the future Judkins Park Link Light Rail Station. Seattle-Tacoma International Airport is 13 miles away, while downtown Bellevue, Wash., is within 16 miles.
The seven-story, two-building community is LEED Platinum certified. It comprises studio, one-, two- and three-bedroom floorplans ranging from 465 to 1,213 square feet. Of the total, 107 units are affordable. Select layouts also include private balconies or patios.
Common-area amenities include rooftop lounges, fitness center, basketball court, clubhouse and business center, as well as game and theater rooms, a coworking lounge and community rooms.
Earlier this year, Timberlane paid $138.5 million for another Seattle asset. The company purchased The Queen Anne Collection from RREEF Property Trust, according to Yardi Matrix. Over the past two years, the company purchased 1,783 residential units for more than $625 million.
Seattle’s multifamily transaction volume year-to-date through November clocked in at $3.7 billion, more than double the $1.8 billion registered during the same time frame of 2024, the same data provider shows. A total of 76 communities—13,886 units—changed hands in the first 11 months of 2025, compared to just 42 assets—7,478 apartments—in 2024.
In one of the largest multifamily deals in the region of this year, Security Properties acquired a five-property, 903-unit Seattle portfolio for $400.8 million. Washington Holdings sold the assets.
In November, Jackson Square Properties sold Cascade Ridge, a 270-unit community in Silverdale, Wash., for $79.5 million, in a CBRE-brokered deal. The property was completed in 1992.