In the same week that Arlington, VA-based CalAtlantic Homes entered Seattle’s real estate market, the group paid $17,050,000 for vacant land in Maple Valley in a deal that closed June 14th. Maple Valley-based Integrity Land LLC sold the parcels.
CalAtlantic purchased five parcels of land in Maple Valley, located directly south of Issaquah and East of Kent, totaling about 300,000 square feet. According to King County public records, each parcel has an assessed value, though they are significantly less than the purchase price for the land. The parcels range in value from $1,198,700, $1,252,700, $641,200, $405,100 and $457,300, according to the assessed value.
While it isn’t certain what CalAtlantic will do with the land, a new stockpile of single family homes will likely be developed on the property, based off the company’s history.
This week, CalAtlantic Homes announced its acquisition of the homebuilding operations of Seattle-based developer and homebuilder Oakpointe, LLC. Through that acquisition, CalAtlantic owns and controls over 1,750 homesites in 19 future communities. The group plans to be actively selling seven of those communities 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 Chief Executive Officer, Brian Ross.
“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 a release. “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.”