Updated Dec 21, 2024
Timberlane Partners Acquires Copper Ridge Apartments From SCS Development Co For $70.7M
4600 Davis Avenue South
$70,700,000
Units
325
Asset Type
MultiFamily
Closing
Dec 18, 2024
About this deal
AI
The Copper Ridge Apartments, a 325-unit multifamily property located at 4600 Davis Avenue South in Renton, WA, was sold for $70,700,000, equating to $217,538 per unit. The property, constructed in 1983 and 1985, includes amenities such as a clubhouse, heated pool, and laundry facilities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $70,700,000
- Units: 325
- Price Per Unit: $217,538
- Buyer: Timberlane Partners
- Seller: SCS Development Co
- Brokers: Anthony Palladino, Giovanni Napoli, Nicholas Ruggiero & Philip Assouad - Institutional Property Advisors
- Market: Renton, WA
- Date of Sale: 12/18/2024
SCS Development Co. completed the sale of the Copper Ridge Apartments to Timberlane Partners, with the transaction facilitated by Institutional Property Advisors from Marcus & Millichap, representing the buyers throughout the deal.
On the Map
$70,700,000
MultiFamily
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Players
Renton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93