Minneapolis-based Timberland Partners has acquired Green Mount Lakes Apartments located in O’Fallon, Illinois, and Brookes Edge in Cleveland, Tennessee.
Timberland Partners now owns and manages 64 apartment communities totaling more than 12,500 apartment units in its portfolio spanning 13 states.
The acquisitions were funded from the newly formed Timberland Partners Investment Fund VI, LLC, and represent the first two acquisitions from fund six.
A number of improvements are planned for Green Mount Lakes, which was built in 2003-2004, including a new fitness center, clubhouse remodel and new resort-style pool along with a dog park. The property consists of one-, two- and three-bedroom floorplans with high-end finishes, including nine-foot ceilings, crown moulding and full-sized washers and dryers in every unit.
Brookes Edge was built in two phases in 2013 and 2016, with a hilltop location. The property consists of one- and two-bedroom floorplans with high-end finishes including nine-foot ceilings, soaking tubs and full-sized washers and dryers in every unit.
The seller for Brookes Edge was represented by Dennis Harris of The Kirkland Company based in Nashville. The seller for Green Mount Lakes was represented by Matt Bukhshtaber with the CBRE office based in St. Louis.
