Timberlane acquires 91 Issaquah units for $37M

Originally published: djc.com

The Vista Ridge garden apartments in Issaquah, at 201 Mountain Park Blvd. S.W., sold last week for $37 million, according to King County records.

The seller was Belkorp Holdings, a Canadian firm that under a different name acquired the property in 1996 for about $7.3 million.

The buyer was TAF VR LLC, associated with Timberlane Partners, which also announced the deal. Public records indicate a $27 million loan from Mesa West Real Estate Income Fund VI Holdings LLC. Mesa West has previously backed other Timberlane investments.

The seller's brokers, at Institutional Property Advisors, were Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino. The deal was worth about $406,593 per unit.

Developed on about 7 acres in 1992, the low-rise complex has eight buildings with 91 units. Those apartments are large, averaging 1,105 square feet.

There are 171 parking stalls, both surface and covered. And there's a clubhouse, gym, outdoor pool and other amenities. Vista Ridge is a short drive west of town, a little west of Newport Way.

Timberlane's John Chaffetz said in a statement, "Issaquah has been on our radar for some time, and Vista Ridge gave us the entry point we had been waiting for. It's the kind of submarket we want to be in, with strong demand, very little new supply, proximity to good schools, outdoor recreation, Old Town storefronts and regional employers such as Costco, Microsoft and T-Mobile's headquarters."

The new owner says the purchase came out of its Timberlane Acquisition Fund II, which has previously supported multifamily investments in Renton, South Seattle, Queen Anne and in Colorado.

On the development front, Timberlane is planning 300 units to replace the Ballard Goodwill, and has a 186-unit plan brewing in Fremont.