Timberlane, EOS Buy Canopy Apartments in Everett, Washington, for $82.8M

Originally published: multifamilyaffordablehousing.com

EVERETT, WASH. - Timberlane Partners has acquired Canopy Apartments in Everett, 25 miles north of Seattle, for approximately $82.8 million. The seller was a limited partnership comprising RISE Properties Trust and Aegon Real Assets US. Timberlane acquired the asset in partnership with EOS Residential Investors. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across an approximately 16-acre site. Its 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom homes, with an average unit size of 878 square feet. Many of the units (245) have been renovated. Avenue 5 Residential will take over property management under the new ownership.