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Three-Property Portfolio Changes Hands After 50 Years

Timberlane Partners, a local private real estate investment firm, recently acquired Holly Terrace, Hidden Terrace and Manchester Heights, a three-property apartment portfolio totaling 92 units in Port Orchard, WA. Timberlane purchased the property for $8.65 million in an off-market sale.

All three properties were built in the 1970s and remain in original condition. The local family seller owned and managed the buildings for nearly 50 years. The portfolio acquisition was an ideal fit for Timberlane Partner, which is planning an extensive modernization and updating program to breathe new life into the properties.

The transaction was sourced and structured by Kidder Mathews. Brandon Lawler, Jerrid Anderson and Dylan Simon of The Simon and Anderson Team exclusively represented the buyer.

“The properties were family-held for nearly half a century and were an integral part of the family’s history,” said Lawler. “Our team was proud and honored to structure a transaction allowing all three legacy properties to pass into the hands of a competent buyer seamlessly.”


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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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    Listing Type:Highest & best offer
    No. of Units:31
    Cap Rate:4.91
    Average Occupancy:100
    Year Built:2020
    Building Size:19551 Sq ft
    Lot Size:18200 Acres
    No. of Stories:3
    Opportunity Zone:No
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    Building Size:14683 Sq ft
    Lot Size:4831 Acres
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  • ◦Acquisition
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