Timberlane Partners, EOS Investors Buy 336-Unit Canopy Apartments in Everett for $82.8M

Timberlane Partners and EOS Investors have acquired Canopy Apartments, a 336-unit garden-style multifamily community in Everett, Washington, for approximately $82.8 million. The sale closed Oct. 30, 2026, and Berkadia announced the transaction on Nov. 11.

The property, at 923 112th St. SW, was sold by a partnership associated with RISE Properties Trust and Aegon Asset Management. Berkadia handled the sale for the seller and arranged acquisition financing for the buyer. Avenue5 Residential is expected to manage the property.

Deal Terms and Parties in the Canopy Apartments Sale

The purchase price equates to roughly $246,280 per unit. The acquisition was financed with a $66 million loan from LaSalle Investment Management.

Timberlane Partners, based in Seattle, acted as the buyer-side sponsor, with Dave Enslow and John Chaffetz identified among the buyer-side principals. New York-based EOS Investors participated as an equity partner. On the seller side, RISE Properties Trust was the sponsor and Aegon Asset Management, through Aegon Real Assets US, was the capital partner. RISE and Aegon acquired Canopy in 2019 for $80.4 million, meaning the 2026 sale price is about 2.9% higher.

Property Details

Canopy was built in two phases, in 1989 and 1991, and comprises 20 apartment buildings and two clubhouses on a site of about 15.9 acres. It sits between Mukilteo and Mill Creek in the Seattle metropolitan area.

Brokerage and Financing Team

Berkadia Seattle Managing Directors Benjamin Johnson and David Sorensen, Senior Director George Pallis and Associate Director Peter Dudunakis led the sale on behalf of the seller. Berkadia's Bellevue office, including Associate Director Connor Lemley, Managing Director Robert Doxsee and Senior Director Michael Manolides, secured the acquisition financing for the buyer.

"Canopy generated interest from investors seeking a scaled, institutional-quality value-add opportunity in the Seattle MSA," said Johnson. "The seller's proven renovation strategy positioned the property well for the buyer, who recognized the opportunity to pair near-term operational growth with durable Puget Sound fundamentals. Its location between Mukilteo and Mill Creek, combined with continued employment expansion across the aerospace, maritime, and technology sectors, reinforced the asset's long-term appeal."

Lemley said the marketing effort generated financing options across the lending spectrum, from high-leverage bridge executions to stabilized permanent financing. "In today's uneven capital markets environment, evaluating the full range of lending strategies is essential," Lemley said. "This transaction demonstrates the depth of liquidity available for high-quality assets backed by strong sponsorship."

Market Context and Outlook

The transaction is a value-add investment, with the buyers' strategy resting on operational growth rather than price appreciation alone. Timberlane described the acquisition as a bet on Everett's fundamentals and tight apartment supply. The modest increase over the 2019 purchase price means returns will depend on the buyers' ability to grow net operating income through renovations, rents, expense management or occupancy.

Berkadia cited employment growth in the aerospace, maritime and technology sectors as supporting demand in the area, and said the range of financing proposals reflects continued lender liquidity for high-quality assets with experienced sponsors.

Sources

• Berkadia: Canopy Apartments, Everett, WA | Sold and Financed by Berkadia 2026