Timberlane Partners and PCCP Acquire $173M Seattle Multifamily Real Estate with Retail Component
A joint venture between Timberlane Partners and PCCP has paid $173 million for Jackson Apartments, a 532-unit multifamily community in Seattle's Central District. Vulcan Real Estate sold the asset.
The buyers closed the transaction through Timberlane Acquisition Fund II, a closed-end private acquisition fund. The property includes 47,374 square feet of ground-floor retail real estate anchored by Amazon Fresh.
Deal Structure
Of the total $173 million purchase price, $155 million was allocated to the multifamily component and $18 million to the retail portion. The property is located at 2401 S. Jackson St., close to Interstates 5 and 90, and within walking distance of the future Judkins Park Link Light Rail Station.
The asset came online in 2020. The developer utilized a $132 million construction loan originated by Umpqua Bank, according to Yardi Matrix data.
Property Details
The seven-story, two-building community is LEED Platinum certified and comprises studio, one-, two- and three-bedroom floorplans ranging from 465 to 1,213 square feet. Of the total unit count, 107 units are affordable. Select layouts include private balconies or patios.
Common-area amenities include rooftop lounges, fitness center, basketball court, clubhouse and business center, as well as game and theater rooms, a coworking lounge and community rooms. The property is 13 miles from Seattle-Tacoma International Airport and within 16 miles of downtown Bellevue, Wash.
Timberlane Partners' Seattle Activity
Earlier in 2025, Timberlane paid $138.5 million for The Queen Anne Collection, purchasing the asset from RREEF Property Trust, according to Yardi Matrix. Over the past two years, the company purchased 1,783 residential units for more than $625 million.
Seattle's multifamily transaction volume year-to-date through November reached $3.7 billion, more than double the $1.8 billion registered during the same period in 2024, according to Yardi Matrix. A total of 76 communities—13,886 units—changed hands in the first 11 months of 2025, compared to 42 assets totaling 7,478 apartments in 2024.
Seattle Market Activity
In one of the largest multifamily deals in the region this year, Security Properties acquired a five-property, 903-unit Seattle portfolio for $400.8 million. Washington Holdings sold the assets.
In November, Jackson Square Properties sold Cascade Ridge, a 270-unit community in Silverdale, Wash., for $79.5 million in a CBRE-brokered deal. The property was completed in 1992.
Sources: Multihousingnews.com, Timberlane Partners