Seattle Community Trades Hands for $37M
The property last traded nearly 30 years ago.
Timberlane Partners has acquired Vista Ridge, a 91-unit community in Issaquah, Wash., for $37 million, according to Yardi Matrix. Mesa West Capital provided a $27 million loan for the acquisition and renovation of the property.
Belkorp Holdings sold the eight-building community after almost 30 years of ownership, according to the same source. The former owner paid $7.3 million for Vista Ridge in 1996, four years after it came online. Timberlane used its Timberlane Acquisition Fund II for the purchase.
Apartments at the community include two- and three-bedroom layouts with an average size of 1,106 square feet. Individual units are mostly in their original condition, providing a value-add opportunity for Timberlane.
Planned renovations include quartz countertops, new appliances and upgrades to lighting and plumbing. Each apartment has in-unit laundry, a dishwasher and a fireplace.
READ ALSO: July Seattle Multifamily Report
Vista Ridge was built on seven acres with shared amenities including a fitness center, a swimming pool, a sauna, a dog park and covered parking. In August, the community was 97.8 percent occupied, according to Yardi Matrix. Timberlane plans to upgrade individual apartments as leases expire.
Located at 201 Mountain Park Blvd. SW, Vista Ridge is near Interstate 90, which provides access to Seattle. The community is approximately 17 miles east of downtown Seattle, and Seattle-Tacoma International Airport is 20 miles away. Residents are close to major retailers such as Target, Costco Wholesale and Trader Joe’s.
Recent Seattle multifamily transactions
Vista Ridge is the latest acquisition that Timberlane has made in the Seattle market, but the company has been actively expanding its presence in the area over the last two years. In December 2025, the company formed a joint venture with PCCP to purchase Jackson Apartments, a 532-unit community in the Central District. Vulcan Real Estate sold the asset for $173 million.
Earlier this week, Nuveen Real Estate sold the 204-unit Boulder Creek to TA Realty for $102 million. The property, located in Squamish, Wash, includes 204 apartments and townhomes across its nearly 34 acres.
In July, Pacific Urban acquired A’Capella Apartment Homes, a 387-unit community in Lynnwood, Wash. Weidner Apartment Homes sold the 1989-built property for $112 million after 30 years of ownership.
