Seattle-based real estate investment company, Timberlane Partners, has recently acquired an apartment building in Denver, Colorado for a total of $40.5 million. The property is located at 2828 Zuni Street and consists of 105 units in the Lower Highland neighborhood.
According to the Denver Business Journal, this equates to approximately $386,000 per unit. The building was built ten years ago and offers studio, one-bedroom and two-bedroom units with various amenities such as a fitness center, outdoor grilling area and garage parking.
This purchase marks Timberlane’s first acquisition in Denver as they continue to expand their portfolio through their closed-end real estate fund known as the Timberlane Acquisition Fund (TAF). This fund closed in mid-April with a total value of $100 million and is backed by ultra-high-net-worth investors along with family offices and registered investment adviser firms.
The news was originally reported by Connect CRE.
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