At a glance
- The property at 923 112th St. S.W. covers about 15.9 acres and was built in two phases in 1989 and 1991.
- For allocators in Fund II, the underwriting question shifts from whether capital can be spent to what rents the finished product can hold.
- At $82.7 million, the purchase works out to about $246,000 a unit.
Timberlane Partners and EOS Residential Investors bought Canopy Apartments in Everett, Washington, for $82.7 million, the sixth acquisition through Timberlane Acquisition Fund II.
The property at 923 112th St. S.W. covers about 15.9 acres and was built in two phases in 1989 and 1991. It has 20 residential buildings, two clubhouses and 336 units averaging 878 square feet, with 91 one-bedroom, 169 two-bedroom and 76 three-bedroom homes. Avenue5 Residential will manage the property.
For allocators in Fund II, the underwriting question shifts from whether capital can be spent to what rents the finished product can hold. Of the 336 units, 245 have been fully renovated and another 90 have new kitchens. Timberlane said it will focus on staffing, leasing and operating efficiency.
At $82.7 million, the purchase works out to about $246,000 a unit. The fund's prior Washington purchase, Vista Ridge Apartments in Issaquah, was $37 million in August, roughly $406,600 a unit, as Private Wealth Daily previously reported. Canopy's basis is about 40% below that.
Canopy's per-unit basis is 40% below the Issaquah deal
Canopy, Everett
$246K
Vista Ridge, Issaquah
$407K
Price per unit; the Issaquah purchase closed in August at $37M.
Reported by the Deals desk from REBusiness Online and Private Wealth Daily archive. Published . Corrections