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“Little Tuscany” Multifamily Asset Acquired by Timberlane Partners in Olympia for $37M

Timberlane Partners, a leading Seattle real estate investment manager, purchased 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, including studios, multi-bedroom and townhome-style apartments.

The $37-million purchase represents a significant discount to comparable trades in the market. Timberlane utilized a Fannie Mae assumable loan with a 4.27% fixed rate mortgage with five years of term remaining to finance the purchase. JLL’s Jordan Louie represented both the buyer and the seller in the transaction.

The deal marks the first asset of the firm’s new Timberlane Acquisition Fund, an investment vehicle to acquire well-priced multifamily assets throughout the western United States. The company has also significantly expanded its leadership team to support this business growth, including a new firm partner, Jake Leibsohn, and two new directors of acquisition, Jon Hallgrimson and Tad Johnson.


Inside The Story

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

  • ◦Sale/Acquisition
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