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The Wilcox apartment building, located in Seattle’s Ballard neighborhood, has been sold for $45.2 million. The 132-unit property was purchased by a joint venture between Timberlane Partners and Stars REI from J.P. Morgan Asset Management. This equates to approximately $342,045 per unit and $314 per square foot.

The sale represents a 25% decrease from the previous transaction in 2018 when J.P. Morgan acquired the property for $60.3 million from Mill Creek Residential.

JLL Capital Markets Investment Sales and Advisory team members David Young, Corey Marx, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis represented both parties involved in the transaction.

Timberlane Partners is a Seattle-based real estate investment company specializing in multifamily properties.