EVERETT– A Seattle real estate investment firm says “Everett’s strong fundamentals” propelled its decision to ink an $82.7 million deal to buy Canopy Apartments, a 336-unit complex on 112th Street SW.
Timberlane Partners acquired the 16-acre property of one-, two-, and three-bedroom units in between Evergreen Way and Mariner High School, which was previously purchased for $80.3 million in 2019. The location is in the vicinity of the expected Sound Transit light rail track from Lynnwood to Everett that will run along 128th St SW into Airport Rd through the Paine Field area.
“Transit accessibility was an important consideration, and the proposed light rail extension adds to Canopy’s long-term appeal,” Dave Enslow, co-founder and CEO of Timberlane Partners, tells the EverettPost.com. “Our decision ultimately centered on the property’s quality, acquisition price, and Everett’s strong fundamentals. Of more than 100 opportunities we evaluated this year, Canopy stood out as a substantially renovated community offering compelling value. Everett’s diverse employment base, relative housing affordability, and limited new apartment supply strengthened that investment case.”
Timberlane’s portfolio includes numerous Puget Sound multi-family properties in locations like Seattle, Issaquah, Renton, Puyallup, Sumner, Lakewood and Olympia as well as complexes in Los Angeles, Carmel-by-the-Sea, California, Colorado and Utah, among other states.
The firm says it’s built a track record of forward-looking investing, leveraging markets as they evolve, delivering strong returns across a variety of economic climates, primarily through value-added Multifamily acquisition and development. Timberlane is one of the top multifamily operators in the Pacific Northwest with a sharp focus on the Seattle, SLC and Denver markets.
Timberlane says it evaluates each deal with a keen appreciation of risk vs. reward. Our offerings range from highly stabilized cash-flowing properties to out-of-the-ground construction, providing diversified options of core plus thru opportunistic returns to achieve investors targeted return profile.
The Canopy Apartments, at 923 112th St. S.W., boasts newly redesigned units with quartz countertops, stainless-steel appliances, and wood-burning fireplaces. Unit sizes average about 890 square-feet. Amenities include a fitness center, clubhouse with a game room, indoor and outdoor lounges, and an outdoor pool and hot tub. The canopy also bills itself as pet friendly, surrounded by mature trees in Everett’s Twin Creeks neighborhood, with access to everyday destinations and major roadways.y Creek), it also announced its simultaneous purchase of a 366-unit property in Kent. Now dubbed the Summit, that sold last month at a slight discount to FPA Multifamily of California.