Originally published: costar.com

Purchase of 532-unit complex marks largest acquisition to date for Seattle-based firm

One of the Puget Sound region’s most prolific apartment investorsmade its biggest acquisition to date, paying $173 million to buy acomplex near Seattle’s Central District.

Seattle-based Timberlane Partners bought the Jackson Apartments, a532-unit complex at 2401 S. Jackson St., from Vulcan Real Estate, which developed the property in 2020, according to county property records.

The acquisition, made through a joint venture with Santa Monica, California-based investment firm PCCP, is the largest for Timberlane since real estate executives Dave Enslow and John Chaffetz founded the firm in 2011, the investment firm said in a LinkedIn post.

Previously, Timberlane’s biggest purchase was the $138.5 million acquisition last March of the Queen Anne Collection, a 245-unitcomplex across four buildings above 63,551 square feet of retail inSeattle’s Queen Anne neighborhood.

Timberlane’s latest deal that closed Dec. 31 comes at the end of the strongest year for multifamily investment volume in Seattle since 2021.

The region logged at least $5.8 billion in apartment sales in 2025, the highest amount since total sales volume topped more than $7.4 billion four years ago, according to CoStar data.

Last year’s deals included Pine Street Group’s $295 million sale of the654-unit Via6 development across the street from Amazon’s Seattle headquarters in the region’s largest single-property multifamily deal
since December 2022.

Timberlane has acquired 27 apartment complexes in the greater Seattle and Olympia areas since 2011, according to the company’s website.

The firm has also bought multifamily, hospitality, industrial and retail properties in California, Colorado, Illinois, Texas and Utah over the past 15 years.