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Timberlane Partners Buys Seattle MF Community for $45M
The Wilcox apartment building, a 144,000-square-foot building in Seattle’s Ballard neighborhood traded for $45.2 million. The 132-unit property located at 2003 NW 57th Street was bought by a joint venture between Seattle-based Timberlane Partners’ acquisition fund TAF and Santiago, Chile-based Stars REI, reported the Puget Sound Business Journal.
The seller is affiliated with J.P. Morgan Asset Management. The price equates to approximately $342,045 per unit and $314 per square foot. The sales price is 25 percent less than in 2018 when the building sold for $60.3 million as J.P. Morgan acquired the property from Mill Creek Residential.
David Young, Corey Marx, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis of the JLL Capital Markets Investment Sales and Advisory team represented both the buyers and seller. Timberlane Partners is a Seattle-based real estate investment, development and asset management company focusing on multifamily.
