Originally published: connectcre.com

Timberlane Partners, a Seattle-based, alternative investment manager, has acquired a multifamily property located at 4600 Davis Avenue South in Renton’s city center.

Copper Ridge is a 325-unit apartment community that 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. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented both the buyer and seller in the transaction.

Built in 1985, Copper Ridge features a mix of one- two-and three-bedroom apartments. Timberlane plans to implement extensive renovations in both the common areas and individual units. “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.”