Timberlane Partners Purchases Canopy Apartments in Everett, Washington for $82.7M

Originally published: rebusinessonline.com

EVERETT, WASH. - Seattle-based Timberlane Partners, in partnership with New York-based EOS Residential Investors, has purchased Canopy Apartments, a multifamily community located at 923 112th St. S.W. in Everett, for $82.7 million. The name of the seller was not released. Canopy is the sixth acquisition through Timberlane Acquisition Fund II and follows the firm's $37 million purchase of Vista Ridge Apartments in Issaquah, Wash., in August.

Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across approximately 15.9 acres. The community's 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom units, with an average size of 878 square feet. Of the residences, 245 units have been fully renovated with improvements including luxury vinyl plank flooring, quartz countertops, tile backsplashes, stainless steel appliances and new cabinetry. Additionally, another 90 units have received renovated kitchens.

Community amenities include a renovated resort-style swimming pool, fitness center, community lounge and kitchen, a game room, outdoor gathering areas and a dog park.

Avenue5 Residential will handle property management services for the asset. Timberlane will focus on staffing, leasing and operating efficiencies.