Originally published: news.theregistryps.com
Seattle-based Timberlane Partners announced today that their closed-end private fund, Timberlane Acquisition Fund (TAF), along with an equity partner, has acquired Stack House Apartments and the Supply Laundry Building for $115 million (Ed. Note: $413,670 per unit gross, including the commercial property). According to King County records, J.P. Morgan bought Stack House in 2015 for $149.5 million.
Stack House is a LEED Platinum certified, mixed-use building, completed in 2013 by Vulcan Real Estate. The 7-story building has 278 eco-friendly units, including studio, one-, two-, and three-bedroom apartments, as well as dens, townhomes, and loft-style units.
The Stack House portfolio, located at 1280 Harrison Street in Seattle’s South Lake Union neighborhood, also includes 8,545 square feet of ground-floor retail, and a 31,811 square foot historic, brick and beam office building, known as the Supply Laundry Building, that is currently leased to Amazon. Timberlane acquired the assets from institutional investors advised by J.P. Morgan Global Alternatives in an off-market transaction.
Timberlane has been the most active multi-family investor over the past 12 months in the Pacific Northwest, now having acquired over $250 million of real estate in the region, across 719 units.
“With values this far below replacement cost, now is the time to buy the best assets in the best locations,” remarked Jon Hallgrimson, Managing Director for Timberlane. “Stack House is exactly that. I had the privilege of selling it for Vulcan back in 2015, so when the opportunity arose to acquire it now, I knew we should jump on it.”
Stack House features include in-unit washers and dryers, quartz countertops, stainless steel appliances, and select units that have air-conditioning and balconies. Community amenities include a full-court basketball gym, movie theater, two rooftop decks, a 24-hour fitness center, and a community garden. “We are thrilled to announce this asset is now part of our portfolio,” concluded Hallgrimson.
About Timberlane Partners.
Timberlane Partners is a Seattle-based alternative investment manager with a focus on multi-family real estate. Since its founding in 2011 by Dave Enslow and John Chaffetz, the firm has acquired and built more than $1 billion worth of real estate across over 40 unique investments throughout the west coast and mountain west regions of the U.S., and now has offices in both Seattle and Los Angeles. Timberlane prides itself on being a responsible steward of investor capital. For more information, please visit www.timberlanepartners.com.
About J.P. Morgan Asset Management.
J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With US$70 billion (Gross Asset Value as of March 31, 2024) in equity and debt assets under management and more than 240 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 60 years as an alternatives investment manager, US$214 billion in assets under management and more than 800 professionals (as of March 31, 2024), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information, visit jpmorgan.com/am.