By Jack Stubbs
On Thursday, December 27th, nearly nine acres of vacant land in Issaquah, Washington sold for $24.4 million, King County records show. The buyer was Westridge-Issaquah II LP, an entity who shares the same address as homebuilder Polygon Northwest, which is a division of Newport Beach, California-based William Lyon Homes. The seller is listed as Issaquah Highlands Investment Fund LLC.
The recently-sold parcel of land, called Issaquah Highlands is located at 597 NE Discovery Drive, and it comprises just under nine acres of vacant single-family land, according to public documents.
According to William Lyon Homes’ web site, Westridge at Issaquah Highlands is a planned single-family property that offers a variety of four- and five-bedroom homes. The asset also offers access to various outdoor recreation opportunities including parks, soccer fields and walking trails. The development is also located in close proximity to Interstate-90, allowing easy access to Bellevue and Seattle.
Westridge at Issaquah Highlands is approximately four miles southeast of Lake Sammamish State Park and less than half a mile from the Grand Ridge Plaza shopping center.
In mid-August 2018, William Lyon Homes purchased an approximately 12-acre parcel of vacant land in Bellevue located at 7039 196th Ave. NE for $22 million from Cadman Inc. based in Texas.
William Lyon Homes is one of the largest regional homebuilders in the Western U.S. and is primarily focused on the design, construction, marketing and sale of single-family homes, according to the company’s web site. The company operates in California, Nevada, Washington and Oregon, among other locations. Some of the Polygon Northwest’s homes throughout the Puget Sound region include Luxe36 at Bryant Heights in Seattle; Brightview in Kent; Overlook at Riverfront in Everett; and Providence Ridge in Issaquah.
Issaquah has not seen too many transactions throughout third quarter 2018. But on December 25th, California-based Rich Uncles, a crowd-funding real estate investment platform, paid $29 million, or just over $298 per square foot, to acquire the 97,191 square foot Sammamish Park Place office building in Issaquah. Located at 22011 Southeast 51st Street, the property is 100 percent leased to Costco Wholesale.