# Timberlane Partners and EOS Buy 336-Unit Canopy Apartments in Everett, Washington, for $82.8 Million

> Fund II's sixth buy stacks Boeing, Port of Everett, and Naval Station Everett employment drivers against limited new supply. Previous owners fully renovated 245 units; Timberlane plans exterior and amenity upgrades.

- URL: https://www.yourcaio.co/news/timberlane-canopy-everett-82-8-million-november-2026
- Published: 2026-11-09
- Author: David Cartolano (https://www.yourcaio.co/about)
- Category: Acquisitions
- Property type: Multifamily
- Tags: Timberlane Partners, Everett Washington, Garden Apartments, Avenue5, Seattle MSA
- Source: [Multi-Housing News](https://www.multihousingnews.com/timberlane-partners-pays-83m-for-seattle-area-apartments/)

## Key Takeaways

- Timberlane Partners and EOS Residential Investors paid $82.8 million for Canopy Apartments, a 336-unit community at 923 112th St. SW in Everett, Washington, Multi-Housing News reported November 5, 2026.
- Sellers were RISE Properties Trust and Aegon Asset Management, per Yardi Matrix data cited by Multi-Housing News; the asset last traded in 2019 for $80.4 million.
- The 15.9-acre garden property includes 91 one-bedroom, 169 two-bedroom, and 76 three-bedroom units averaging 878 square feet, built in 1989 and 1991 phases.
- Previous ownership fully renovated 245 units and updated kitchens in 90 more; Timberlane plans exterior, landscaping, and amenity upgrades while Avenue5 Residential takes management.
- The deal is Timberlane Acquisition Fund II's sixth acquisition, following a $37 million Issaquah buy, targeting Boeing's Everett plant roughly 4 miles away plus Port of Everett and Naval Station Everett employers.

**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.

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## 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.

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## 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](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** 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.

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## 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](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** 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**.

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## 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](https://www.yourcaio.co/news/brightshore-domi-long-island-city-143-million-november-2026)** 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](https://www.yourcaio.co/news/bkm-kayne-blackstone-1-8-billion-socal-industrial-november-2026)** 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.

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## 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**

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## 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](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** nationally.

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## Sources

- [Timberlane Partners Pays $83M for Seattle-Area Apartments](https://www.multihousingnews.com/timberlane-partners-pays-83m-for-seattle-area-apartments/), Multi-Housing News, November 5, 2026

## Frequently Asked Questions

### How much did Timberlane Partners pay for Canopy Apartments in Everett?

Multi-Housing News reported November 5, 2026 that Timberlane Partners and EOS Residential Investors acquired Canopy Apartments for $82.8 million. The 336-unit garden community sits at 923 112th St. SW in Everett, Washington.

### Who sold the Canopy Apartments in Everett in November 2026?

RISE Properties Trust and Aegon Asset Management sold Canopy Apartments, according to Yardi Matrix data cited by Multi-Housing News. The sellers acquired the property in 2019 for $80.4 million from FSC Realty.

### How many units and what unit mix does Canopy Apartments have?

Canopy comprises 336 units across 20 buildings on roughly 15.9 acres, built in 1989 and 1991. The mix includes 91 one-bedroom, 169 two-bedroom, and 76 three-bedroom homes averaging 878 square feet, per Multi-Housing News.

### Who will manage Canopy Apartments after the sale?

Avenue5 Residential will handle property management, Multi-Housing News reported. Timberlane Partners plans additional capital improvements to exteriors, landscaping, and amenities after previous owners renovated 245 units and kitchen-upgraded 90 more.

### Why did Timberlane target Everett in November 2026?

A Timberlane statement cited proximity to Boeing's Everett plant, Port of Everett, and Naval Station Everett plus limited new multifamily supply in the submarket. The buy is Fund II's sixth acquisition after a $37 million Issaquah purchase in the broader Seattle area.

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Cite as: David Cartolano, "Timberlane Partners and EOS Buy 336-Unit Canopy Apartments in Everett, Washington, for $82.8 Million," YourCAIO.co, 2026-11-09, https://www.yourcaio.co/news/timberlane-canopy-everett-82-8-million-november-2026