PCCP JV Pays $173M for Seattle Apartment Property

A joint venture between Timberlane Partners and PCCP has paid $173 million for Jackson Apartments, a 532-unit Seattle multifamily community in the city’s Central District. Vulcan Real Estate sold the property.

The buyers closed the transaction through Timberlane Acquisition Fund II, a closed-end private acquisition fund, reported the Puget Sound Business Journal. The deal also included the 47,374-square-foot ground-floor retail, anchored by Amazon Fresh. The transaction included $18 million allocated to retail and $155 million to apartments.

Located at 2401 S. Jackson Street, the property is situated near the Seattle-Tacoma International Airport as well as downtown Bellevue. The seven-story, two-building property features studio, one-, two-, and three-bedroom floor plans ranging from 465 to 1,213 square feet. The property’s amenities include rooftop lounges, a fitness center, basketball court, clubhouse, and business center, as well as game and theater rooms, and a coworking lounge.

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