By Kate Snyder
More of the Puget Sound region’s vacant land has traded hands. In a recent sales transaction, nearly 17 acres in Snohomish were purchased for $17.9 million, according to Snohomish County property records. The seller is an entity affiliated with The Wolff Company. The buyer is an entity that shares an address with Kennedy Lewis Investment Management LLC, a credit manager of private funds and collateralized loan obligations, according to the firm’s website.
Located at 9509 and 9321 Paradise Lake Road, the land is situated on the south end of the city. The property spans three parcels that come to 11.66 acres, 4.84 acres and 0.45 acres, Snohomish County property records show.
The Wolff Company is a fully-integrated real estate investment and development firm that is focused on the multifamily sector, according to the company’s website. Headquartered in Arizona, with five regional offices throughout the United States, The Wolff Company employs more than 300 professionals. The firm invests and operates in the value-add acquisition and development of multifamily assets throughout the country. To date, the company has invested in more than 80 multifamily properties.
Recently, the Puget Sound region has seen a number of deals involving vacant land and residential developers.
Earlier this month, an entity affiliated with MainVue Homes bought several parcels of vacant land in Auburn, according to previous reporting from The Registry. The sales price was $10 million, and the seller was an entity affiliated with JDH Investment Group, LLC. Located on the south end of the city, the parcels listed in the sales documents total approximately 79.5 acres. The land is positioned east of Perry Drive SE and west of Kersey Way SE.
In a separate transaction, an entity affiliated with another homebuilder, KB Homes, bought approximately 25 acres of land in Lake Stevens for $16.9 million earlier this year. The seller was an entity affiliated with Land Pro Group, Inc., another homebuilding firm based in Lake Stevens. The land involved in the transaction was recorded as three parcels. Two of the parcels, each totaling about 10 acres, had addresses at 11927 and 12009 20th St. SE, and the third parcel, about five acres, was positioned adjacent to the other two but with an unknown address.
