Everett's 336-unit Canopy Apartments has sold for $82.75 million, changing hands in a deal that pairs a Seattle-based investment firm with a New York partner betting on the city's job market and tight apartment supply. The 20-building community at 923 112th St. SW spans nearly 16 acres and was built in two phases, in 1989 and 1991.
Seattle-based Timberlane Partners acquired the property in partnership with EOS Residential Investors, a New York-based investment firm, according to 425 Business. Timberlane describes itself as an alternative-investment manager focused on multifamily real estate, and the Canopy purchase marks the sixth acquisition through its Timberlane Acquisition Fund II. Seattle-based Avenue5 Residential has been tapped to manage the property going forward.
Canopy's unit mix includes 91 one-bedroom residences, 169 two-bedroom units and 76 three-bedroom homes, averaging 878 square feet apiece. Almost 75% of the units have already been fully renovated, the outlet's reporting notes, with the remaining apartments having received updated kitchens. Amenities across the property include two clubhouses, a renovated resort-style swimming pool, a fitness center, a community lounge and kitchen, a game room, outdoor gathering spaces and a dog park.
Why Timberlane Likes Everett's Numbers
Dave Enslow, co-founder and CEO of Timberlane Partners, said Canopy was chosen as a substantially renovated, well-located community at a basis the firm considers sensible for current market conditions, per the same account. Enslow also said Everett's employment base and limited new apartment supply support strong long-term investment fundamentals, pointing to the city's mix of aerospace, manufacturing, trade, port and Navy-related jobs as a draw. The company's statement identified Everett's job base and limited pipeline of new multifamily housing as key investment factors behind the deal.
John Chaffetz, co-founder of Timberlane Partners, said the previous owner had completed good renovations and that the property is in great condition. Chaffetz added that Timberlane plans to manage the property well, make targeted improvements and pursue long-term success, with the firm's broader plans including staffing, leasing, operating efficiencies and capital upgrades to building exteriors, landscaping and community amenities. The company also frames Everett as offering more housing value than areas closer to Seattle or Bellevue.
A Tightening Regional Pipeline
The Canopy deal lands amid a broader slowdown in new apartment construction across the Puget Sound region. Kidder Mathews estimated a four-county pipeline of 111,019 units total, with 19,163 under construction, 12,931 approved and nearly 78,925 still in review. The firm reported that construction activity increased across Snohomish, Pierce and Kitsap counties even as the inventory of approved projects declined sharply, attributing the contraction mainly to elevated construction and capital costs that make new projects difficult to pencil. Kidder Mathews said it expects fewer apartment deliveries in 2028 and beyond as the regional pipeline resets.
Within Snohomish County, Everett led local construction activity with 698 apartment units underway, compared with 532 in Marysville and 516 in Stanwood, according to Everett Post. Countywide, just 1,746 units were under construction alongside 711 approved and 5,793 in review. Everett's under-construction inventory was up just 4% compared with 2021, a modest pace next to Marysville's 18% increase and Stanwood's 91% jump, the outlet reported.
How the Price Stacks Up Regionally
Timberlane's own market data gives the Canopy purchase some context. The firm reported that Seattle-area multifamily properties averaged $276,610 per unit in the second quarter of 2026, down 14.75% year over year, with the average capitalization rate ticking up to 5.7% and vacancy falling to 6.7% from 7.0% the previous quarter. Those figures come from the same Timberlane statement announcing its prior purchase of the 91-unit Vista Ridge community in Issaquah for $37 million, or roughly $406,600 per unit.
Timberlane has said it bought Vista Ridge at roughly a 6% discount on a price-per-square-foot basis and at a capitalization rate about 45 basis points higher than a comparable Eastside property traded earlier that summer. Reporting differs on when that Issaquah deal actually closed: Timberlane's own announcement states the transaction closed August 27 and marked the fifth acquisition for Timberlane Acquisition Fund II, while Commercial Observer reported the firm acquired the property earlier in September. Kidder Mathews separately pegged the average sale price for Western U.S. multifamily properties at $274,816 per unit in the second quarter, based on a four-quarter rolling average, and noted that apartment starts and under-construction volumes are continuing to decline across the region.
