Originally published: bizjournals.com
A Seattle-based alternative investment manager has made its second Colorado acquisition through an off-market deal to buy a townhome community in Boulder.
Timberlane Partners purchased the Wonderland Creek Townhomes, at 3701 Paseo del Prado, for $23.25 million, a sales announcement from the company said. The community last traded hands for $21 million in 2018, property records show.
The 41-unit townhome community is located on 5 acres situated to the northeast of the Kalmia Avenue and 28th Street intersection.
Developed in 2017, Wonderland Creek includes two- and three-bedroom homes that average more than 1,200 square feet. They include an attached garage, full size washers and dryers, private outdoor space and modern finishes.
“Purpose-built rental townhomes of this scale and vintage are rare in the Boulder market, where zoning constraints and development barriers have limited new construction and created a strong rental market due to the high cost of homeownership,” the company said in a news release.
The property was purchased through the company’s Timberlane Acquisition Fund II, the company’s second private acquisition fund, the announcement said.
Dave Enslow, principal of Timberlane Partners, said the purchase of the community reinforces the company’s “deliberate approach to market participation in Colorado.”
“Wonderland Creek reflects the same consistent approach we’ve applied across all our investments,” said Enslow in the news release. “We continue to focus on well-located, high-quality properties with long-term performance, rather than relying on market timing or speculative repositioning.”
Timberlane Partners plans to make capital upgrades at Wonderland Creek to bring the property more in step with market standards, the company said.
In 2024, the company purchased Wrenmoor LoHi, formerly known as 2828 Zuni, for $40.5 million in Denver’s Lower Highland neighborhood.
“Executing our second acquisition in Colorado reinforces our conviction in the market and our ability to identify and source off market opportunities at an attractive basis,” Enslow said in the announcement. “We expect Colorado to remain a core focus as we continue to build a high-performing regional portfolio.”
Timberlane has identified Denver as a good place to do business, previously stating multifamily is an attractive asset for the company, especially in a market like the Mile High City, where investors can purchase quality properties below what they cost to build.
The company was founded in 2011. It has acquired and developed over $1.8 billion in real estate across more than 48 investments through the West Coast and Mountain West regions in Denver, Seattle and Salt Lake City.