Timberlane Partners Completes $23.25M Acquisition of Boulder Townhomes in Off-Market Deal
Timberlane Partners, a Seattle-based alternative investment manager, has completed a $23.25 million acquisition of Wonderland Creek Townhomes, a 41-unit rental community in Boulder, Colorado. The off-market transaction marks the firm's second investment in the state.
The property, located at 3701 Paseo del Prado on 5 acres northeast of the Kalmia Avenue and 28th Street intersection, was purchased through Timberlane Acquisition Fund II, the company's second private acquisition fund. Property records show the community last sold for $21 million in 2018.
Property Details and Market Positioning
Developed in 2017, Wonderland Creek Townhomes features two- and three-bedroom units averaging more than 1,200 square feet. The townhomes include attached garages, full-size washers and dryers, private outdoor space, and modern finishes.
"Purpose-built rental townhomes of this scale and vintage are rare in the Boulder market, where zoning constraints and development barriers have limited new construction and created a strong rental market due to the high cost of homeownership," the company stated in its announcement.
The $23.25 million purchase price equates to approximately $567,073 per unit, representing a 10.7% appreciation from the 2018 sale price of $512,195 per unit.
Investment Strategy
Dave Enslow, principal of Timberlane Partners, said the acquisition reinforces the company's deliberate approach to market participation in Colorado.
"Wonderland Creek reflects the same consistent approach we've applied across all our investments," Enslow said. "We continue to focus on well-located, high-quality properties with long-term performance, rather than relying on market timing or speculative repositioning."
Timberlane Partners plans to make capital upgrades at Wonderland Creek to bring the property more in line with market standards.
Expanding Colorado Portfolio
The Boulder acquisition follows Timberlane Partners' 2024 purchase of Wrenmoor LoHi, formerly known as 2828 Zuni, for $40.5 million in Denver's Lower Highland neighborhood.
"Executing our second acquisition in Colorado reinforces our conviction in the market and our ability to identify and source off-market opportunities at an attractive basis," Enslow said. "We expect Colorado to remain a core focus as we continue to build a high-performing regional portfolio."
Timberlane has identified Denver as a good place to do business, previously stating multifamily is an attractive asset for the company.