Timberlane Partners, a leading Seattle real estate investment manager, recently acquired the 143-unit three-story multifamily building known as Little Tuscany from Fern Street Partners LLC dba Commercial Property Services Inc. Situated in Olympia’s South Westside neighborhood, the building occupies a 5.8-acre plot and features studios, multi-bedroom and townhome style apartments.
The $37 million purchase was secured at a significant discount to comparable trades in the market with Timberlane utilizing an assumable Fannie Mae loan with five years of term remaining at 4.27% fixed rate mortgage to finance it all. JLL’s Jordan Louie represented both buyer and seller during this transaction which marks the first asset of Timberlane’s new Acquisition Fund – an investment vehicle designed for acquiring well priced multifamily assets throughout western United States regions.. To support this business growth further, they have also significantly expanded their leadership team by adding Jake Leibsohn as firm partner along with Jon Hallgrimson and Tad Johnson serving as two new directors of acquisition respectively
