A prime property in South Lake Union, partially occupied by Amazon, has been acquired for $115 million through an off-market transaction. According to the Puget Sound Business Journal, Timberlane Partners – a Seattle-based firm specializing in multifamily real estate investment, development and asset management – was the buyer. This price is approximately 25% lower than the assessed value of nearly $154 million and about $35 million less than what Vulcan Real Estate sold it for in 2015.
The purchaser Timberlane is a prominent player in the Pacific Northwest region and recently closed its highly successful multifamily real estate investment fund called Timberlane Acquisition Fund (TAF), which received equity commitments exceeding $100 million.
This recent sale of a South Lake Union apartment and office property at a discounted price showcases Timberlane’s expertise as well as their strong presence within this market.
