Seattle-based Timberlane Partners has acquired the Queen Anne Collection mixed-use portfolio for $138.5 million.
The four-building complex was sold by Los Angeles-based RREEF Property Trust. The purchase was made through the Timberlane Acquisition Fund, a closed-end private fund. The total size of the portfolio is 244,000 square feet, reported the Puget Sound Business Journal. The residential units include a mix of studio, one-bedroom and two-bedroom units.
The deal includes $92.4 million for 245 residential units and $46.1 million for 63,551 square feet of ground-floor retail space anchored by a Trader Joe’s store. Other retail tenants include Bartell Drugs, U.S. Bank and KeyBank.Â
Timberlane is active in the region, and the alternative investment manager also acquired a multifamily property located at 4600 Davis Avenue South in Renton’s city center late last year.
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