Home AEC Home Builder Lennar Continues Puget Sound Expansion, Buys Tract of Land South...

Home Builder Lennar Continues Puget Sound Expansion, Buys Tract of Land South of Puyallup for $20MM

By Meghan Hall

Developers are grabbing tracts of land wherever they can in an effort to get ahead of the region’s development curve. Miami, Flor. -based Lennar is no exception, and the home builder recently closed on a vacant plot of land south of Puyallup for about $20 million, according to public records. The seller of the property was Wolf River LLC, affiliated with the McMahon family from Orting, Wash. 

The property, located at 19902 Orting Kapowsin Hwy E, is vacant and undeveloped. According to Pierce County assessor’s data, the property totals more than 4.7 million square feet and is nearly 110 acres in size. Located in Graham, Wash., on the fringes of Mt. Rainier National Park. The property last traded in 2005 for $600,000.

It is unclear what Lennar’s plans are for the property, but the developer already has several other communities in progress in the area. The closest is Lennar’s Woodlands at Sunrise, a 65-home community that has just a single home left for sale, according to Lennar’s website. The home is a five-bed, three-bathroom, 3,422 square foot property. Pricing for the home begins at just under $625,000.

Lennar has also developed the Emerald Pointe Townhomes, a 176-residence community just a few minutes north from its newest acquisition. Homes are two-bedrooms and 2.5 bathrooms, with pricing starting at just under $300,000.

Over the past several months, demand for single-family homes and for-sale units has been on the rise. According to a recent report by Redfin, demand was up 29 percent from pre-pandemic levels, and the number of listings has increased by 4.1 percent year-over-year. Pending sales are up 20 percent, pushing up prices, which have increased 11 percent. Homes are selling more quickly and closer to asking price than ever before—a positive sign for developers like Lennar attempting to keep up with demand.