Home AEC Lennar Spends $22.46MM to Acquire Three-Parcel Property in Redmond Where Company’s 450-Unit...

Lennar Spends $22.46MM to Acquire Three-Parcel Property in Redmond Where Company’s 450-Unit Residential Project is Underway

Seattle, Lennar Multifamily Communitites, LMC Marymoor, Marymoor Park, King County, City of Redmond, Redmond Town Center, Redmond way
Image courtesy of the City of Redmond.

By Jack Stubbs

On December 6th, in a transaction that was recently recorded, a three-parcel industrial property in Southeast Redmond—at the site of where a 450-unit residential project is under development—sold for $22.46 million, public documents show. The buyer, LMV QR Build to Core Manager LLC, and the seller, LMCPNW Marymoor Holdings LLC, share the same address as Lennar Multifamily Communities LLC (LMC), a subsidiary of Miami-based Lennar Corporation.

The sale was for three adjacent parcels in Redmond, located at 6900 and 6820 176th Ave. NE and 17609 NE 70th St. The first parcel includes a 2,800 square foot light industrial/manufacturing building constructed in 1978 and the second parcel includes three manufacturing/warehouse buildings totaling approximately 10,550 square feet, according to public documents. The final parcel comprises roughly one acre of vacant industrial land. 

According to the City of Redmond’s web site, Lennar has plans in the works for LMC Marymoor, located at 17611 NE 70th Street, a project which will ultimately consist of 450 total residential units and approximately 37,000 square feet of commercial space.

The development, which does not yet have an expected completion date, will hope to capitalize on its location in Redmond. “LMC Marymoor is located at the northeast corner of the new Marymoor Village neighborhood. The project is located kitty corner from Sound Transit’s planned SE Redmond Park and Ride Station and within walking distance to Marymoor Park, immediately adjacent to the East Lake Sammamish Trail,” the web site states. 

The property is ralso oughly one mile southeast of downtown Redmond and the Redmond Town Center via State Route 202 and about eight miles east of Kirkland via Redmond Way. 

The project consists of three mixed-use residential buildings over a 1-story subterranean parking structure. A main east-west public pedestrian thoroughfare bisects the northern building from the two southern buildings, and a north/south-oriented pedestrian path connects to the main pedestrian thoroughfare from a new right-of-way. Some of the other project features planned for LMC Marymoor include integrated public art, publicly-accessible community gardens, solar panels, bio-retention systems, and electric vehicle charging stations.