Home Finance Lennar Northwest Acquires Nearly 11 Acres in Bothell for $11.7MM

Lennar Northwest Acquires Nearly 11 Acres in Bothell for $11.7MM

By Jack Stubbs

On Wednesday, August 1st, a local homebuilder acquired approximately 11 acres in Bothell—including two single-family residences—for $11.7 million, according to public records filed with King County. The buyer of the property was Lennar Northwest Inc., a homebuilder based in Federal Way. The seller was The Entrust Group Inc. based in Oakland, California, a real estate advisory services company. The transaction was recorded on August 9th.

The sale was for three parcels—located at 20016 88th Ave. NE—totaling 10.61 acres, according to public documents. The first parcel comprises two acres of vacant land while the other parcels include two single-family residential buildings constructed in 1951 and 1932.

It is not yet clear what plans Lennar Northwest has for the acquired parcels, though not project plans have yet been filed.

The property is approximately two miles north of downtown Bothell and two miles northeast of Kenmore. The property is also roughly four miles west of Woodinville and the intersection of Interstate 405 and Washington State Route 522.

Originally founded in 1954, Lennar Northwest is a national homebuilder that builds multifamily, condo, co-op, rental and single-family properties, according to the company’s web site. Lennar operates in 21 states and 49 markets nationally. Throughout the Puget Sound region, the company has residential communities in Everrett, Seattle, Renton and Milton, among other locations. Lennar’s has two other residential communities in Bothell—called North Creek Ridge and Carrara—which are about four miles from the recently-acquired property.

On Tuesday, July 31st, Lennar Northwest spent $10 to acquire 74 acres of vacant land in Maple Valley, Washington, where it has plans on the site for the single-family Rainier Ridge project.

Bothell’s multifamily market has been active in recent months. On June 14th, Puyallup-based homebuilder RM Homes acquired 3.93 acres of vacant land in Bothell—located at 22307, 22303 and 22219 9th Ave. SE—from Bellevue-based Taylor Development Inc. for $11.4 million. And in mid-May 2018, Kirkland-based developer MainStreet Property Group announced the start of The POP in downtown Bothell.

When the four-story project is finished in late summer 2019, it will include 122 units and 10,000 square feet of ground-floor retail space. The Pop also sits within a block of MainStreet Property Group’s other project called the Junction, which is a six-story mixed-use community that includes 130 apartment units and 30,000 square feet of office space.