By Jack Stubbs
With developable space at a premium throughout the Puget Sound region, investors and buyers are looking to acquire developed and undeveloped land alike. On Wednesday, January 3rd, 19 parcels of vacant land in Lake Stevens sold for $14.4 million, according to public records filed with Snohomish County.
The buyer of the vacant parcels was Austin, Texas-based Forestar Group Inc., a residential and mixed-use development company. The seller of the property was KR-N9 LLC, an entity affiliated with Tim Kaintz based in Lake Stevens. The deal was recorded on January 5th.
Forestar did not respond for comment about the details of the transaction in time for the publishing of this story.
While it is not yet clear what—if any—plans Forestar has for the vacant land, it’s possible that they are part of a redevelopment opportunity for the company.
The property is comprised of 19 parcels of vacant forest land. Public records do not show addresses for all of the parcels, but some of the addresses include 3110 30th St. NE; 3519 Callow Rd.; and 10409 Oak Rd.
The 19-parcel property lies roughly two miles to the northwest of downtown Lake Stevens and approximately seven miles to the northeast of Everett. Additionally, the property is roughly half a mile from access to Washington State Route 92, and State Route 9 is about two miles to the west.
Founded in 1955, Forestar Group has 55 entitled, developed or under development residential and mixed-use projects in 11 states and 15 markets that encompass almost 7,000 acres, according to the company’s web site. The company currently has properties in Atlanta, Denver, Houston and Austin, among other markets.
The company conducts various planning and management activities related to the acquisition, entitlement, development and sale of single-family and mixed-use communities and is primarily focused on mixed-use master plan communities and the development of first and second move-up housing, the largest section of the new home construction market.
In terms of its development strategy, Forestar develops its communities by balancing land use regulations and the natural surrounding landscape with market demand, according to the company’s web site.