136 Acres of Undeveloped Land in Black Diamond, Washington, Sell for $18.6MM

By Jack Stubbs

A large plot of undeveloped land—which is part of a master plan community in Black Diamond—recently changed hands.

On Tuesday, January 9th, 136 acres of undeveloped land in Black Diamond sold for $18.6 million, according to public records filed with King County. Public records list the buyer as CalAtlantic Homes, an entity affiliated with Arlington, Virginia-based CalAtlantic Group Inc., a home construction company. The seller of the property was CCD Black Diamond Partners LLC, an entity affiliated with Bellevue-based Oakpointe Communities, a developer and homebuilder, which CalAtlantic purchased in the summer of 2017. The deal was recorded on January 10th.

Neither the buyer nor the seller could be reached for comment about the transaction in time for the publishing of this story.
Public records do not list an address for the property, but Google Maps lists a nearby address as 32699 Union Drive. Records indicate that the vacant plot of land totals 136 acres. The property is roughly two miles from Black Diamond and roughly three miles from Lake Sawyer Regional Park to the north. The property sits approximately one mile from access to Washington State Route 169.

In June 2017, the company announced the commencement of homebuilding operations in Seattle, also acquiring the homebuilding operations of Oakpointe, according to a statement released by CalAtlantic Homes. As a result of the transaction, CalAtlantic now owns and controls over 1,750 homesites in 19 future communities, 7 of which are expected to be actively selling by February 2018. The company did not acquire the land development operations of Oakpointe Communities, which will continue to be operated by longtime Seattle developer and Oakpointe Communities CEO Brian Ros, according to the statement.

“Seattle’s booming economy and strong job market presents a tremendous growth opportunity for CalAtlantic Homes,” said Larry Nicholson, president and chief executive officer of CalAtlantic Group, Inc., in the statement last summer. “We have been looking for the right opportunity to enter the Seattle market for over a decade and are pleased to be able to launch our new operation with a large and enviable land position that is extremely rare for this severely constrained land market.”

The land acquisition represents a new chapter in the relationship between CalAtlantic Homes and Oakpointe Communities, and the property is CalAtlantic’s Ten Trails development, a master plan community located in Black Diamond.

“I am excited to have a homebuilder with CalAltantic’s outstanding reputation for quality craftsmanship, thoughtfully designed communities and beautifully designed homes make such a significant commitment to our market. We know their well-crafted homes will be an outstanding addition to our communities, including Oakpointe’s Ten Trails master plan community located in Black Diamond, Washington,” Ross said in the 2017 statement. “We look forward to working with CalAtlantic and our other builder partners to make Ten Trails the ideal destination for homebuyers,” he added.

According to the Ten Trails development web site, the project, located at 23201 Roberts Dr., is currently under construction. The development, which will open in 2018, will feature 190,000 square feet of retail space. According to the web site, the ground-up community will feature modern homes, local restaurants, parks and green spaces.

Founded in 1965, CalAtlantic Homes designs and builds homes across the nation. The company provides a wide variety of services to its clients including planning, personalizing, financing, building and closing purchase agreements on homes, according to its web site. Some of the company’s current homes in the Puget Sound region include Bridges, a community of single-family homes in Auburn; Emerald Pointe, townhomes in Puyallup; and Maple Hills, a community of single-family homes in Covington.

In the mid 2000s, Oakpointe was established by The Yarrow Bay Group, one of the Pacific Northwest’s preeminent land and commercial development companies. Oakpointe strives to create communities and developments that enhance their surroundings, protect the natural environment and contribute to regional growth in the Puget Sound, according to the company’s web site. Oakpointe is currently working with the city of Black Diamond and community stakeholders to create master-planned communities that reflect the long-range vision for growth held by the citizens of Black Diamond.