In 2017, Oakpointe Communities announced that it had received approval for LakePointe Urban Village, a 214-acre mixed-use community in Covington, Wash. Now, several years after the fact, the property has fallen under new ownership. According to records filed with King County, the property was sold to an entity that shares an address with Toll Brothers for $43 million.
Property records show that the transaction involves the sale of multiple addresses, including 18808 SE 256th Street, 19601 Frontage Road and 19501 Frontage Road. Entitlements for the property include an 850,000 square foot entertainment and lifestyle center, a 130-room hotel and up to 1,500 single-family and multifamily residential units.
The project, which was a joint venture between Oakpointe Communities and Presidio Residential Capital, was designed by KTGY Architecture. The development was to be constructed on a peninsula, extending outward onto a 20-acre lake and offer a mix of uses as well as a park, open space and walking trails. At the time, the project was anticipated to cost approximately $670 million.
While it is unclear whether or not Toll Brothers will continue with the project as planned, the company has been building luxury homes across the United States since its founding in 1967. In 2011, the company entered Washington with its acquisition of housing community CamWest.
The company also has an apartment division which specializes in mixed-use and rental high-rise projects in suburban infill and urban markets. According to the company’s website, Toll Brothers Apartment Living has developed a total of 8,463 units and has another 17,653 units in the pipeline. Additionally, the company manages 4,490 units.