Timberline Partners Spends $83M on WA Multifamily Community

Timberlane Partners purchased Canopy Apartments, a 336-unit garden-style apartment community located at 923 112th St. SW in Everett, WA, for $82.75M, or $246,279 per unit.

The acquisition was made in partnership with NY-based EOS Residential Investors. Canopy is the sixth acquisition through Timberlane Acquisition Fund II (TAF II) and follows the firm’s $37M acquisition of Vista Ridge Apartments in Issaquah in August.

Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across a 15.9-acre site. The property offers a mix of one-bedroom, two-bedroom and three-bedroom units averaging 878 sf in size. It has undergone significant investment with 245 of the units having been fully renovated.

Canopy is approximately four miles from Boeing’s Everett manufacturing facility, which supports more than 30,000 direct jobs. The area is also anchored by the Port of Everett and Naval Station Everett, while apartment asking rents remain approximately 28% below core Seattle and 33% below Bellevue, according to CoStar.