Timberlane’s Acquisition Fund and STARS REI have recently acquired the Koi apartments in Seattle’s Ballard district for $55.5 million, marking their second purchase in the area within two months after The Wilcox. JLL’s team of Senior Managing Directors David Young and Corey Marx, Senior Directors Chris Ross and Jordan Louie, and Director Michael Lyford represented both parties involved – an entity affiliated with CBRE Investment Management as the seller who originally bought it for $57 million in 2014.
The six-story building with 166 units was built in 2013 at 1139 NW Market Street. It offers a mix of studio, one-, and two-bedroom apartments that are currently about 96 percent leased. “With an average price per unit of $337,000, our joint venture now owns a total of 298 high-quality apartment units in Ballard at a significant discount to replacement cost,” stated Timberlane Managing Director Jon Hallgrimson.
This latest acquisition by Timberlane Partners and STARS REI demonstrates their continued growth strategy within Seattle’s thriving multifamily market.
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