4 Parcel Townhome Assemblage
Lynnwood, WA, September 23rd — Westlake Associates’ Reid Jones announces the $3.8M sale of a 4-parcel assemblage at Martha Lake in Lynnwood, WA to Larch Way Townhomes LLC, a joint venture entity comprised of Seattle based developers Jones Development and PH Development.
Located at 16210,16214,16202,16208 Larch Way, Lynnwood, WA 98087, Snohomish County data indicates that the 1.47-acre assemblage is comprised of three single family homes and a residential duplex. “Our plan is to redevelop this site into 38 quality but affordable townhomes” said Phil Hoban, Managing Partner and founder of PH Development.
“We’re going to go with impressive finishes to match the standard of homes in the Martha Lake area” explains Reid Jones, Managing Partner and founder of Jones Development. “The development will feature expansive kitchens, stainless steel appliances, waterfall island countertops, tiled walk-in showers, contemporary finishes, and panoramic views of Martha Lake from every townhome”.
A general contractor has not been determined but the ownership team plans to award the project in the 4th quarter of this year. The development team is currently working with Milbrandt Architects, a full-service design firm with extensive townhome experience. Timing for the buildout is projected to be in the 4th quarter of 2022 with units ready for pre sale in the 1st quarter of 2023. “This site offers a unique opportunity to provide rare lake views in a quiet neighborhood while at the same time allowing for a short commute to major employment hubs as light rail opens in 2024,” said Hoban.
According to The Gardner Report, Snohomish County home sale prices have increased 30% from late Q2 2020 to late Q2 2021. Snohomish County in Q2 of this year led the Puget Sound region in “fewest days on market” with an average of 7. Gardner goes on to explain that with interest rates hovering around 3%, buyer demand has maintained its momentum amongst a shortage of supply. In today’s seller’s market, confidence is pointed towards a continued paradigm shift with homeowners moving outside of the core of Seattle into these transit-oriented suburban communities. “With this development, homeowners come home to a quiet lakefront community across the street from a waterfront pet-friendly park near retail and entertainment amenities. It’s a remarkable site and we’re excited to be able to assemble and acquire it,” said Hoban.
Westlake Associates, Inc. is the premier provider of commercial real estate brokerage services in the Puget Sound Region. Since 1975, the company has built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, and comprehensive real estate services. As of September 2021, Westlake Associates, Inc. has closed 127 transactions in 2021, with a sales and lease volume of approximately $217 million. With an unparalleled knowledge of the Puget Sound market, Westlake brokers continue to lead the industry in successful closings and client satisfaction.
If you would like to hear more about this transaction, please call Reid Jones of Westlake Associates at 206-505-9401, or email reid@westlakeassociates.com.
