Originally published: theregistryps.com
Seattle continues to draw multifamily investors to its offerings. In a recent deal, Timberlane Partners, one of the Pacific Northwest’s most active multifamily investors, has completed its largest acquisition in the company’s 14-year history, paying $173 million, or approximately $325,187 per unit, for the 532-unit Jackson Apartments in Seattle’s Central District, according to King County public records. The Seattle-based firm closed the deal in a joint venture with investment manager PCCP through Timberlane Acquisition Fund II, the company’s second closed-end private acquisition fund. An entity affiliated with Vulcan Real Estate, which developed the property, was the seller.
The acquisition of the Amazon Fresh-anchored asset at 2401 S. Jackson St. continues Timberlane’s strategy of building a portfolio focused on walkability, sustainability and connectivity, according to industry reports. The seven-story, two-building community is LEED Platinum certified and sits just six blocks from the future Judkins Park light rail station.
Jackson Apartments offers a range of floor plans from studio apartments to three-bedroom units, with one to two-and-a-half bathrooms and living spaces spanning 509 to 1,318 square feet, according to Apartments.com. The community features an array of amenities, including dedicated storage areas, a dog wash station, a fitness lounge and bike storage.
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.
Last year, Timberlane Partners acquired Copper Ridge, located at 4600 Davis Avenue South in Renton’s city center. The 325-unit apartment community was acquired as part of Timberlane’s closed-end multi-family fund, Timberlane Acquisition Fund. The property was purchased for $70.7 million, approximately $218,000 per unit. The seller was an entity affiliated with Santa Clara, Calif.-based SCS Development Company. This entity purchased the property in 2014 for $36.5 million.
More recently, Timberlane Partners announced that its TAF 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. 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 percent of the gross leasable area and local businesses making up 43 percent. Key tenants include Trader Joe’s, Bartell Drugs, US Bank, and KeyBank.