Timberlane Partners Pays $83M for Seattle-Area Apartments

Originally published: multihousingnews.com

Timberlane Partners and EOS Residential Investors have acquired Canopy Apartments, a 336-unit garden-style community in Everett, Wash., for $82.8 million. The previous owners were RISE Properties Trust and Aegon Asset Management, according to Yardi Matrix. Avenue5 Residential will handle property management.

The property last traded in 2019, when the current sellers paid $80.4 million to FSC Realty.

This is Timberlane's sixth acquisition through its Timberlane Acquisition Fund II, on the heels of it buying Vista Ridge Apartments in Issaquah, Wash., also in the Seattle area, for $37 million.

The buyer was interested in the property due to several factors, according to a prepared statement, including its proximity to a diverse pool of large employers such as Boeing's Everett plant, some 4 miles away, as well as Port of Everett and Naval Station Everett, located 8 miles north. Beyond nearby employment clusters, Timberlane also took into account the limited amount of new multifamily supply in the area.

Built in two phases, in 1989 and 1991, the property sits at 923 112th St. SW and encompasses 20 apartment buildings and two clubhouses on roughly 15.9 acres. Floorplans include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom units, with units averaging 878 square feet.

Amenities at Canopy include a swimming pool, a fitness center, a community lounge and kitchen, a game room, outdoor gathering areas and a dog park. Of the community's 336 apartments, the previous ownership fully renovated 245 units, with an additional 90 having revamped kitchens. Timberlane is planning more improvements, such as upgrades to building exteriors, landscaping and amenities.