Timberlane pays nearly $83M for Canopy, with its 336 SnoCo units

Originally published: djc.com

The Canopy garden apartments, at 923 112th St. S.W., sold in late October for just over $82.7 million, according to Snohomish County records.

The seller was Colby Creek LP, associated with Canadian firm Rise Properties Trust, which acquired the property in 2019 for about $80.3 million.

The buyer was local shop Timberlane Partners, which announced the sale. Its partner in the deal is EOS Residential Investors, of New York. Public records indicate a $66 million loan from LaSalle Investment Management (via an LLC).

Timberlane's Dave Enslow said in the announcement, "We spend a lot of time looking across the market for the best relative value, and we've been willing to remain patient when opportunities aren't there. Canopy stood out, because we are acquiring a substantially renovated, well-located community at a basis that we believe makes sense for where the market is today."

The deal was worth about $246,279 per unit. Brokers were not announced, but Berkadia features Canopy on its national website, listing the property as sold.

Developed on almost 16 acres in 1989-1991, the complex has 20 low-rise buildings with 336 units, plus two amenity structures and ample surface parking. Units range from one- to three-beds, with an average size of 878 square feet.

Amenities include a pool, fitness center, community lounge with kitchen, game room, outdoor gathering areas and dog park. Avenue5 Residential is the new property manager.

Canopy lies a little east of state Route 99, in the Twin Creeks area of Snohomish County. It's closer to Paine Field and Mukilteo than to Everett proper.

Timberlane's John Chaffetz added, "Canopy isn't a traditional heavy value-add investment for us. The previous ownership did a very good job improving the property, so we're buying a community that's already in great condition."

When seller Rise acquired the complex (then called Colby Creek), it also announced its simultaneous purchase of a 366-unit property in Kent. Now dubbed the Summit, that sold last month at a slight discount to FPA Multifamily of California.