Timberlane Partners and EOS Residential Investors paid $82.8 million for Canopy Apartments, a 336-unit garden community at 923 112th St. SW in Everett, Washington, Multi-Housing News reported November 5, 2026. Sellers RISE Properties Trust and Aegon Asset Management exit after renovating most of the 15.9-acre campus; Avenue5 Residential takes management.
What Are the Operating Stats on Canopy?
MHN's November profile anchors underwriting on hard counts:
| Field | MHN, Nov. 5, 2026 |
|---|---|
| Price | $82.8 million |
| Units | 336 |
| Acres | ~15.9 |
| Vintage | 1989 / 1991 phases |
| Avg. unit size | 878 SF |
| Mix | 91 / 169 / 76 (1/2/3 BR) |
| Prior trade | $80.4M in 2019 |
| Manager | Avenue5 Residential |
Amenities include pool, fitness, lounge/kitchen, game room, outdoor gathering, and dog park. 245 units received full renovations under prior ownership; 90 received kitchen upgrades. Timberlane disclosed plans for exterior, landscaping, and amenity work post-close.
Why Everett Instead of Downtown Seattle?
Timberlane's statement emphasized employment gravity and supply scarcity:
- Boeing Everett plant ~4 miles
- Port of Everett and Naval Station Everett ~8 miles north
- Limited new multifamily supply in the submarket
That thesis rhymes with RealPage's October data showing Northern California leading rent hikes while many Sun Belt metros still decline: institutional buyers are paying for jobs and barriers, not just headline MSA population.
This is Fund II's sixth acquisition, following a $37 million Issaquah buy in the same Seattle CSA. Timberlane is building a north Puget Sound cluster, not one-off garden trades.
How Does the 2019 Basis Compare to 2026 Pricing?
Yardi Matrix shows the 2019 sale at $80.4 million to FSC Realty. The 2026 print at $82.8 million is only ~3% higher on headline price after 245 full renovations and 90 kitchen upgrades.
That pattern fits 2026's national stabilization narrative: Yardi Matrix's September multifamily report shows modest positive rent growth returning, but not 2021-style value leaps on every trade. Buyers are underwriting income durability and capex plans, not automatic double-digit rent bumps.
Who Else Is Active in Puget Sound Multifamily?
Timberlane joins sponsors still deploying in Pacific Northwest workforce housing while gateway coastal markets recover faster than Texas Sun Belt supply dumps. The Everett logic parallels Brightshore's $143 million Long Island City buy on transportation access and constrained new supply, just with garden product instead of high-rise mixed-income.
For investors comparing asset classes in the same calendar week, BKM's $1.8 billion Southern California industrial portfolio shows institutional capital still writing ten-figure checks when sellers must move. Timberlane's sub-$100 million garden deal is the multifamily analog at a scale operators can replicate.
The Numbers Worth Writing Down
- Price: $82.8 million
- Units / SF: 336 units, 878 SF average
- Seller basis (2019): $80.4 million
- Renovation depth: 245 full / 90 kitchen
- Fund milestone: 6th Fund II acquisition
- Nearby jobs: Boeing ~4 mi, Navy/port ~8 mi
Garden-Style Still Clears When Jobs Are Local
Canopy is not a 2021 vintage mid-rise with concession burn. It is 1989-1991 stock, mostly renovated, in a job-rich north Sound pocket with scarce new deliveries. Timberlane paid roughly 2019 basis plus a renovation premium, betting Avenue5 operations and exterior capex can capture RealPage's slow national rent recovery without needing San Francisco's 14.7% annual spike.
That is 2026 multifamily acquirer math in one deal: limited supply + employer depth + value-add runway, even when October logged the year's first monthly rent cut nationally.
Sources
- Timberlane Partners Pays $83M for Seattle-Area Apartments, Multi-Housing News, November 5, 2026