Home Finance MainVue Homes Buys 33 Parcels of Vacant Land in Newcastle for $30.6MM

MainVue Homes Buys 33 Parcels of Vacant Land in Newcastle for $30.6MM

By Kate Snyder

A swath of vacant land in Newcastle traded hands in a recent sales transaction, showing that developers continue to exhibit interest in the area’s residential market. The land totals 33 parcels and multiple acres on the city’s west end, and the purchase price was $30.6 million, according to King County public records. The buyer was an entity affiliated with MainVue Homes, a homebuilder with offices throughout Washington. The seller was an entity affiliated with a Seattle-based builder, SeaLevel Properties.

Located along 121st Pl SE, many of the parcels come in at about an eighth of an acre or a little larger, property records show. Nearby is Hazelwood Park and Hazelwood Elementary School. The parcels are surrounded by residential neighborhoods.

Located throughout Washington with modern homes in Seattle and the greater Puget Sound’s premier communities, MainVue offers a variety of new homes with designer facades, according to the firm’s website. The company is part of the Henley Properties Group and is a partner of the Sumitomo Forestry Group, a corporation with a 320-plus-year heritage. Globally, MainVue is involved with the construction of residences for more than 22,000 home buyers a year. The firm is active in multiple countries, such as Australia, Japan and most recently, the United States.

MainVue Homes has communities in Black Diamond, Bonney Lake, Covington, Edmonds and Newcastle, among other cities in the Puget Sound region. The firm also has developments in Texas.

Last year, the firm purchased 14 acres of land in Bothell, most of which was undeveloped, for $24 million, according to previous reporting from The Registry. The property included a number of parcels at 3924 Jewell Road. The land is situated between Interstate 405 and State Route 9 in a mostly residential neighborhood, and a single-story building originally constructed in 1938 was the single structure on the site involved in the sale.

Based in the Seattle area, SeaLevel Properties is a family-owned builder with a focus on multifamily development, according to the firm’s website. Originally founded as a single-family homebuilder in the late 1990s, SeaLevel Properties entered the multifamily development market in early 2015. The company has established a presence in the Puget Sound area with more than 800 units in various stages of development.