Home AEC Seattle Developers Bullish on Lynnwood’s Martha Lake Buy Land for $30MM Townhome...

Seattle Developers Bullish on Lynnwood’s Martha Lake Buy Land for $30MM Townhome Development

Westlake Associates, Lynnwood, Larch WayTownhomes LLC, Jones Development, PH Development
Courtesy of Westlake Associates

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.