Seattle-based Timberlane Partners extended its buying spree in greater Seattle, buying an apartment and retail complex for $138.5 million in one of the region's largest property sales of the year.
Timberlane bought the Queen Anne Collection, a complex with 245 units across four buildings above 63,551 square feet of retail along Queen Anne Avenue North that includes a Trader Joe’s grocery store, the investor said in a statement.
King County property records show that Timberlane bought the property from affiliates of RREEF, a subsidiary of German asset manager DWS Group. DWS acquired the buildings in a series of transactions between 2011 and 2014, according to CoStar data.
The multifamily portion sold for $92.4 million, or roughly $377,000 per unit, with the 15 retail spaces selling for $46.1 million, Timberlane said.
The apartment portion of the sale is the largest in the Puget Sound region ranked by price since Fairfield Residential paid $147 million to buy the Riverpark Apartments from Equity Residential in January.
Greater Seattle apartment sales increased more than 40% in 2024 from the prior year to $4.1 billion, with the sales uptick that started in the second half of last year continuing into early 2025, according to CoStar analytics.
Timberlane has been one of the most active multifamily investors in the Pacific Northwest over the past two years, acquiring properties with nearly 1,300 units in deals totaling $460 million, the company said in the statement.
The Queen Anne Collection, which also includes KeyBank and U.S. Bank branches and a Bartell Drugs store, is the investor's seventh acquisition since early 2024. Most recently, Timberlane paid just under $71 million to buy Copper Ridge, a complex in Seattle's Renton suburb.
In its largest deal of last year, Timberlane in June paid $115 million for an office and apartment property in South Lake Union.
The latest property, acquired through its closed-end Timberlane Acquisition Fund, strengthens the company's presence in Seattle, Dave Enslow, co-founder and principal of Timberlane Partners, said in the statement.
"The combination of high-quality residential units and a diverse retail offering makes this a truly compelling investment for our fund,” Enslow said.