Originally published: bizjournals.com
Seattle-based Timberlane Partners acquired the Queen Anne Collection mixed-use portfolio Monday for $138.5 million, according to a company announcement.
The four-building complex, which straddles Queen Anne Avenue North between West Crockett and West Howe streets, was sold by Los Angeles-based RREEF Property Trust.
The deal includes $92.4 million for 245 residential units and $46.1 million for 63,551 square feet of ground-floor retail space anchored by a Trader Joe’s store.
The purchase was made through the Timberlane Acquisition Fund, a closed-end private fund. The sales price works out to $377,143 per unit for the residential component and $725 per square foot for the retail space. The total size of the portfolio is 244,000 square feet.
The properties last traded in four separate transactions between 2011 and 2014 for a total of $114.4 million, according to King County records. The structures were developed in phases between 2006 and 2014.
Residential units include a mix of studio, one-bedroom and two-bedroom apartments. The 15 commercial spaces currently have a roughly 60-40 mix of national and local retail tenants, according to Timberlane’s news release. In addition to Trader Joe’s, retail tenants include Bartell Drugs, U.S. Bank and KeyBank.
“We’re thrilled to add the Queen Anne Collection to our growing portfolio of multifamily assets in the Pacific Northwest,” Timberlane Partners Principal Dave Enslow said in the release. “This acquisition not only strengthens our presence in Seattle’s core submarkets but also demonstrates our commitment to investing in properties that offer residents an exceptional living experience in highly sought-after neighborhoods. The combination of high-quality residential units and a diverse retail offering makes this a truly compelling investment for our fund.”
Timberlane is an alternative investment manager focused on multifamily real estate. The company says it has acquired $460 million in commercial real estate assets over the last two years, including 1,300 residential units.
Timberlane was founded in 2011 by Enslow and John Chaffetz and has acquired and developed more than $1 billion in real estate across 40 properties in Seattle, Bellevue, Denver, Utah and California.