Originally published: djc.com
Its 532 Central Area units, plus Amazon Fresh, go to Timberlane.
Who today remembers the old Red Apple grocery in the Central Area? That was demolished about seven years ago.
In its place, at 2401 S. Jackson St., Vulcan Real Estate developed the 532-unit, midrise Jackson Apartments, working with Runberg Architecture Group and builder Exxel Pacific. Vulcan acquired the corner site in 2016 for about $19.6 million. Phased leasing began in 2020.
Last week came the first sale for the mixed-use, 3.6-acre development at 23rd Avenue South. Local shop Timberlane Partners announced its $173 million purchase, partnering with PCCP — a large national investor that regularly figures in our market. Timberlane calls the deal its largest buy to date.
Timberlane’s Dave Enslow said in a statement, “This is the first time Jackson has transferred ownership, and highlights Timberlane’s commitment to investing in communities that combine sustainability, connectivity and curated retail for residents and neighbors.”
Public records indicate a $127.5 million loan from MF1 Capital LLC, which is associated with Berkshire Residential Investments of Boston. (That firm is completely unrelated to Berkshire Hathaway.)
Timberlane says it has invested $625 million during the past two years, adding 1,783 units to its portfolio. Its second largest deal of 2025, in April, was the over $138 million purchase of a Queen Anne portfolio with 245 units. Operating in several states, Timberlane values its 47 multifamily assets under management at around $1.7 billion.
For the Jackson deal this past month, Institutional Property Advisors represented Vulcan, with the team led by Giovanni Napoli and Phillip Assouad.
Timberlane values its purchase at $291,000 per unit for the apartments and, separately, $380 per square foot for the retail. For that, an Amazon Fresh grocery is the marquee tenant, filling about half the total retail space. The rest is occupied by tenants including Left Side CrossFit, Simply Soulful, 23rd Ave Brewery, Boosh and QueenCare.
The large LEED Platinum-certified project has two wings, east and west. Runberg rates the Jackson at 763,379 square feet, including the 47,374 square feet of retail, plus the mostly underground parking. The latter has about 496 stalls, with 130 reserved for shoppers. Tenants also have 243 bike stalls.
What about Vulcan’s site on the north side of Jackson, where the Walgreens remains? Vulcan paid about $11.2 million for that, a decade ago, when apartments seemed likely. But no plans ever emerged there. That corner, with over 1.7 acres, is zoned up to 65 feet. The shuttered Starbucks has been claimed by Black Coffee Northwest.
The property isn’t publicly listed, but Vulcan has been selling of late. In November, CBRE sold the planned 302-unit Filament project in downtown Bellevue. Holland Partner Group was there the buyer.
And in Renton, Vulcan’s over 7-acre Kennydale Gateway project, with 385 units yet to be built, is also on the market. CBRE says that’s under contract. So more sales may be coming in the new year.