Lennar Homes appears to be adding more single family residences to the Pacific Northwest. In a recent deal worth $36.7 million, the nationwide home builder has acquired several parcels of land in Monroe, Wash. Snohomish County public records show that the company acquired the developable parcels of land from Westcott Homes, a Kirkland-based development company.
The land is located at 13424, 13704, 13624 and 13802 Chain Lake Road, making up nearly 18 acres. The property, which is situated in a primarily residential area, was also fully permitted for a single-family development named Garibaldi Lake.
Public records filed with the City of Monroe show that in 2018, Westcott Homes had previously filed applications – in 2018 and again in 2021 – before receiving approval for a single-family community at the site. The proposed development included plans for a 90-lot subdivision, or roughly four homes per acre. Plans also called for a number of drainage improvements, pedestrian facilities, landscaping and street improvements.
Should Lennar proceed with the planned development, it would not be the company’s first in the immediate area. According to previous reporting by The Registry, Lennar acquired two similar assets in 2020. In June, the company purchased 32.68 acres just north of Monroe in Lake Stevens for $13.5 million. In September, the company also acquired about 110 acres just outside of Puyallup in Graham, Wash. for $20 million.
Founded in 1954, Lennar has developed properties across the United States, including in Washington, Oregon, California, Texas, Colorado, Utah and more. In 2021 alone, the company delivered 59,825, compared to 52,925 in 2020. Throughout the previous year, the company closed approximately 67,500 real estate transactions across 18 states, with average sales prices at $424,000.