Originally published: news.theregistryps.com
Timberlane Partners, a Seattle based, alternative investment manager, announced today the acquisition of 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 (TAF). The property was purchased for $70.7 million, approximately $218,000 per unit. (Ed. note: 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.)
Built in 1985, Copper Ridge features a diverse mix of one- two-and three-bedroom apartments accommodating a wide range of residents. The community caters to various age groups, income levels, and professional backgrounds. With this acquisition, Timberlane plans to implement extensive renovations in both the common areas and individual units to enhance renter appeal, maintain market positioning and stay competitive with properties in the area.
“Copper Ridge is well aligned with our strategy of investing in well-located properties with strong value-add potential,” said Dave Enslow, co-founder and Principal of Timberlane. “Renton’s strong fundamentals and future growth prospects make this acquisition particularly compelling for our portfolio.”
Renton, the fourth largest city in King County, is conveniently located just south of Lake Washington with easy access to major employment hubs in Seattle, Bellevue, and South King County via Interstates 405 and I-5. Renton residents also benefit from excellent public transportation options via the Tukwila Transit Center and the Sounder Commuter Train. Premier retail destinations such as Southcenter Mall and The Landing are a short commute, adding to the city’s appeal which is coupled with the area’s growing sports presence, highlighted by the Seattle Seahawks headquarters at the Virginia Mason Athletic Center and the newly established Seattle Sounders FC facility at Longacres.
This acquisition positions Timberlane to capitalize on Renton’s promising economic outlook.
IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented both the buyer and seller on the transaction.
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 highly focused regional expert to achieve the return objectives of its private wealth investors. For more information, please visit www.timberlanepartners.com.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.