Seattle-based alternative investment firm, Timberlane Partners, has recently completed the acquisition of a multifamily property in Renton’s city center. The property, known as Copper Ridge, is a 325-unit apartment community and was purchased for $70.7 million through Timberlane’s closed-end multi-family fund called the Timberlane Acquisition Fund.
The transaction was facilitated by IPA brokers Giovanni Napoli, Philip Assouad, Ryan Harmon,Nick Ruggiero,and Anthony Palladino who represented both the buyer and seller.
Originally built in 1985,the complex offers a variety of one-, two-,and three-bedroom units. Under new ownership,Timberlane plans to make significant renovations to both common areas and individual apartments.”Copper Ridge aligns perfectly with our strategy of investing in well-located properties with strong potential for value enhancement,” stated Dave Enslow,a co-founder and Principal at Timberlane.”Renton’s robust market fundamentals and projected growth make this purchase an excellent addition to our portfolio.”
This news was originally reported on Connect CRE.
