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Timberlane Partners Acquires Copper Ridge Apartments From SCS Development Co For $70.7M
SOLD
$70,700,000
+ 1
Washington
See Similar DealsMultiFamily
Sold 12/18/2024
SOLD
Timberlane Partners Acquires Copper Ridge Apartments From SCS Development Co For $70.7M
4600 Davis Avenue South
See Similar DealsMultiFamily
Sold 12/18/2024
+ 1
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,770,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$251,182.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$335,154.07
Annual Debt Service$4,021,848.83
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