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Timberlane Partners Acquires CO Apartments for $40.5M
Timberlane Partners, a Seattle-based real estate investment company, has purchased an apartment building at 2828 Zuni Street in Denver, Colorado, for $40.5 million.
A 105-unit apartment building is located in Denver’s Lower Highland neighborhood, with the sale equating to roughly $386,000 per unit, reported the Denver Business Journal. The 10-year-old apartment building features studio, one-bedroom and two-bedroom units. The property’s amenities include a fitness center, outdoor grilling area and garage parking.
The transaction was Timberlane’s first acquisition in Denver as the company continues to purchase multifamily properties through its closed-end real estate fund, Timberlane Acquisition Fund (TAF). The $100 million fund, which closed in mid-April, is backed by ultra-high-net-worth investors, family offices and registered investment adviser firms.
