Originally published: costar.com

Copper Ridge in Renton is Seattle-based investment firm’s sixth multifamily acquisition of 2024

A Seattle-based investor bought a 325-unit apartment complex near Seattle in Renton, one of the Puget Sound region’s most active areas for multifamily sales this year.

Timberlane Partners, one of the most active multifamily investors in the Pacific Northwest over the past couple of years, paid $70.7 million to buy Copper Ridge, a three-story at 4600 Davis Ave. S. in the city about 12 miles southeast of Seattle.

The company bought the property from an affiliate of Santa Clara, California-based Citation Homes Central through its closed-end Timberlane Acquisition Fund.

The sale comes amid a surge in multifamily investment across the Puget Sound region since last summer — including in the Renton and Tukwila area, which has logged almost double its five-year average of about $159 million in apartment sales this year, according to CoStar analytics.

The purchase is Timberlane’s sixth apartment buy this year.

In its largest deal of the year, Timberlane in June paid $115 million for an office and apartment property in South Lake Union, about 23% less than JPMorgan Chase & Co. paid to acquire the property in 2015.

In the more recent Copper Ridge deal, Timberlane bought the property built in the 1980s for just under $218,000 per unit, below the average $288,000-per-unit average for the Renton submarket, CoStar data shows. The buyer plans upgrades to the units and common areas to boost the property’s appeal to renters.

Timberlane has acquired and built more than $1 billion worth of real estate in 40 investments across the West Coast and Mountain West regions since Dave Enslow and John Chaffetz founded the company in 2011.

For the record Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Marcus & Millichap’s Institutional Property Advisors represented the buyer and seller.