Timberlane Partners Acquires Seattle Multifamily Community for $45M

Timberlane Partners Acquires Seattle Multifamily Community for $45M

The Wilcox apartment building, located in Seattle’s Ballard neighborhood, has been sold for $45.2 million. The 132-unit property was purchased by a joint venture between Timberlane Partners and Stars REI from J.P. Morgan Asset Management. This equates to approximately $342,045 per unit and $314 per square foot.

The sale represents a 25% decrease from the previous transaction in 2018 when J.P. Morgan acquired the property for $60.3 million from Mill Creek Residential.

JLL Capital Markets Investment Sales and Advisory team members David Young, Corey Marx, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis represented both parties involved in the transaction.

Timberlane Partners is a Seattle-based real estate investment company specializing in multifamily properties.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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