Originally published: theregistryps.com
A Seattle multifamily investor has paid about $246,000 per unit for a renovated garden-style apartment community in south Everett, betting on the city’s employment base and a lack of new apartment construction nearby.
Timberlane Partners has bought Canopy Apartments, a 336-unit garden-style community at 923 112th St. SW in Everett, for $82.75 million. The Seattle-based investment manager bought it with EOS Residential Investors, a New York firm, according to an announcement about the deal. The price works out to about $246,280 per unit. Based on the average unit size of 878 square feet, that is about $280 per square foot of residential space. The deal is the sixth purchase for Timberlane Acquisition Fund II. It follows the firm’s $37 million purchase of Vista Ridge Apartments in Issaquah in August.
Canopy was built in two phases, in 1989 and 1991. It has 20 residential buildings and two clubhouses on about 15.9 acres. There are 91 one-bedroom, 169 two-bedroom and 76 three-bedroom units, so nearly three-quarters of the units have two or three bedrooms. The previous owner fully renovated 245 units with luxury vinyl plank floors, quartz countertops, tile backsplashes, stainless-steel appliances and new cabinets, and updated the kitchens in 90 more. Amenities include a renovated pool, a fitness center, a community lounge and kitchen, a game room and a dog park.
Timberlane co-founder John Chaffetz said in the announcement that the purchase is not a traditional heavy value-add deal because the previous owner already improved the property. Timberlane plans to focus on staffing, leasing and operating efficiency, plus targeted work on building exteriors, landscaping and amenities. Avenue5 Residential will manage the property. CEO Dave Enslow said the firm has reviewed more than 100 potential deals in its target markets this year.
Canopy is about four miles from Boeing’s Everett plant, which the announcement said supports more than 30,000 direct jobs. The area also has the Port of Everett and Naval Station Everett. Citing CoStar, Timberlane said Everett apartment asking rents are about 28 percent below core Seattle and 33 percent below Bellevue. It said no market-rate apartment projects of 50 or more units are under construction within three miles of the property.
Market reports show conditions in Snohomish County are stable. Kidder Mathews’ second-quarter 2026 Puget Sound apartment review put Snohomish County vacancy at 6.1 percent and average rent at $1,921, or $2.22 per square foot. Sales averaged about $224,000 per unit and $232 per square foot, with a 5.1 percent cap rate. Canopy’s price is about 10 percent above that per-unit average. Its large share of renovated, multi-bedroom units helps explain the difference.
The Puget Sound apartment market is tightening as new supply falls. Kidder Mathews’ third-quarter 2026 Seattle multifamily report measured vacancy at 6.6 percent, down from 7.0 percent a year earlier, with average asking rent of $2,041, up 1.1 percent. Deliveries through September fell 38.4 percent from the same period in 2025 to 6,906 units, and the construction pipeline fell 6.9 percent to 19,059 units. Kidder Mathews put the average regional sale price at $311,103 per unit in the third quarter, up 21.8 percent from a year earlier, with a 5.4 percent average cap rate.
CBRE’s second-quarter 2026 Puget Sound multifamily report measured regional vacancy at 4.6 percent and average asking rent at $2,250. The region absorbed 4,034 units in the quarter, nearly twice the first-quarter total.
At about $246,000 per unit, Canopy sold for about 21 percent less than Kidder Mathews’ regional average. That gap reflects the price of buying in Snohomish County compared with core Seattle and the Eastside.
Founded in 2011 by Enslow and Chaffetz, Timberlane says it has acquired and developed more than $2 billion of real estate in nearly 50 investments across the West Coast and Mountain West, concentrated in Seattle, Denver and Salt Lake City.