Home AEC Lennar Multifamily Buys Redmond Industrial Park for $16.8MM

Lennar Multifamily Buys Redmond Industrial Park for $16.8MM

Lennar Multifamily, Seattle, Redmond, Encore Architects, Spectra, Ovation
Courtesy of Encore Architects

By Meghan Hall

One of the largest apartment developers in the U.S. has gone in on an industrial park in Redmond where plans for redevelopment have taken shape. In a deal that was finalized on September 22nd, Lennar Multifamily purchased Park Center for $16.75 million. The seller, according to public records, is an entity affiliated with Seattle-based SEBCO, INC. 

The assets are located at 17371, 17455 & 17345 NE 67th Court. Records indicate that the sale included two adjacent parcels of land. Combined, the parcels total 3.68 acres. One is developed with a 15,512 square foot masonry building constructed in 1985. The second is developed with a 36,075 square foot building constructed the same year. 

Currently, plans are in the works to build LMC Marymoor South Park. The development will include two, five-story multifamily structures containing 284 dwelling units. 13 live-works are also included in the plans, and the residences will be constructed over a partially below-grade podium garage. 28 low-cost affordable units are outlined in the plans, and unit sizes will include 36 studios, 128 one-bedrooms, 87 two-bedrooms and 20 three-bedrooms.

 In all, the development will total 362,908 square feet. Outdoor spaces include a 4,130 square feet of community garden space, a public plaza and a public art walk, as well as connection to Marymoor Park. The development will also feature an artist in residence.

Encore Architects will be designing the building, according to public documents. The facades of the building will be broken down in small massing moves and layering. Balconies will project from the massing to create additional dimension and movement.

Exterior materials include a midnight bronze metal panel, desert white brick and white and black vinyl windows. Wood-like panels in a cedar color will be added as an accent, as will fiber cement panels and brake metal.

Construction was anticipated to start this month, according to an environmental checklist posted on the City of Redmond’s website. Project completion is expected in October of 2023.

Over the years, Lennar Multifamily has constructed more than 72 apartment communities nationwide, representing more than $8 billion in development. According to the firm’s website, the company also has an additional $4 billion of potential projects in its development pipeline. Other projects part of the company’s portfolio include Spectra, a mid-rise apartment complex in Redmond, Ovation, a highrise complex in Seattle opening in the spring of 2022.